Tuesday, Oil giant Shell PLC (NYSE:SHEL) said it has agreed to sell its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance, a consortium of five companies.
Renaissance comprises four exploration and production companies based in Nigeria and an international energy group.
The consideration payable to Shell as part of the transaction is $1.3 billion.
The buyer will make additional cash payments to Shell of up to $1.1 billion, primarily relating to prior receivables and cash balances in the business, with the majority expected to be paid ...