Statoil has sold its stake in International Petroleum Corp. (IPC) to Lundin Petroleum in a US$90.2 million deal.
Lundin Petroleum BV (LPBV), IPC’s wholly-owned subsidiary, purchased 25.5 million shares of IPC, in addition to 22.8 million shares that belonged to Statoil.
“I am very pleased that the majority of our shareholders have decided to retain their investment in IPC, recognizing that this is a great platform to build a new independent upstream company at an optimal point in the cycle,” says Mike Nicholson, CEO of IPC.
Last month, Lundin gained regulatory consents and approvals to complete the internal reorganization to spin-off its assets in Malaysia, France and the Netherlands into IPC.
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