By Ivan Anderzhanov in Moscow
Kazakhastan energy producer KazMunaiGaz is to acquire a 33% stake in PetroKazakhstan from its parent company KazMunaiGaz for $100.5mn and the assumption of $831mn of debt.
The board of of KMG received an opinion from Credit Suisse that the consideration to be paid for a stake in PetroKazakhstan is fair from the financial point of view.
The remaining stake belongs to Chinese oil producer CNPC, which acquired the company in 2005 for more than $4bn.
A note from UniCredit Securities said the deal values the company at $5.1/bn, in line with the valuations of other Kazakhstani oil producers. “We therefore see the valuation as reasonable and believe the deal supports our positive stance towards KazMunaiGaz E&P,” it said.
