Hannes Snellman Counsel to SpareBank 1 Markets AS in Connection with Transactions Concerning Lundin Petroleum AB
Hannes Snellman advised SpareBank 1 Markets AS in connection with transactions involving Lundin Petroleum AB, listed on Nasdaq Stockholm, Large Cap. Lundin Petroleum redeems 16 percent of its outstanding shares for cash consideration of SEK 14.5 billion (approx. USD 1.6 billion). The share redemption is carried out by Lundin Petroleum entering into a total return swap agreement with SpareBank 1 Markets concerning 16 percent of all outstanding shares in Lundin Petroleum, SpareBank 1 Markets acquiring a corresponding number of shares from Equinor ASA in order to hedge its exposure, and Lundin Petroleum settling the total return swap with SpareBank 1 Markets for cash consideration and subsequently redeeming the shares held by SpareBank 1 Markets for no consideration. In connection with the share redemptions transactions, Lundin Petroleum divests a 2.6 percent interest in the Johan Sverdrup development project to Equinor for cash consideration of USD 962 million. The transactions are subject to approval by an extraordinary general meeting in Lundin Petroleum on 31 July 2019.