(News Bulletin 247) – Oddo BHF confirms its neutral rating on the Maurel & Prom (M&P) share with an unchanged price target of 3.5 euros.
Yesterday evening, M&P announced the signing of a share purchase agreement for the acquisition of Assala from Carlyle International Energy Partners.
‘Assala’s assets are located in Gabon, an area that M&P knows very well, this combination should allow significant operational and financial optimizations’, believes Oddo BHF.
Completion of the transaction is expected between the fourth quarter of 2023 and the first quarter of 2024.
The Transaction consideration paid to the seller by M&P upon completion is $730 million, subject to customary closing adjustments.
Oddo BHF indicates that this operation conceals ‘little risk from an operational point of view’, M&P knowing the area very well.
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