{"id":94839,"date":"2020-05-25T00:25:00","date_gmt":"2020-05-24T22:25:00","guid":{"rendered":"http:\/\/beta.next-finance.net\/news\/total-confirms-the-sale-of-uk-assets-to-neo-energy\/"},"modified":"2020-05-25T00:25:00","modified_gmt":"2020-05-24T22:25:00","slug":"total-confirms-the-sale-of-uk-assets-to-neo-energy","status":"publish","type":"post","link":"http:\/\/beta.next-finance.net\/en\/news\/total-confirms-the-sale-of-uk-assets-to-neo-energy\/","title":{"rendered":"Total Confirms the Sale of UK Assets to NEO Energy"},"content":{"rendered":"<p>Total today confirmed its commitment to completing the sale of its UK<br \/>\nNorth Sea non-core assets, first announced[[https:\/\/www.total.com\/media\/news\/press-releases\/total-divests-assets-uk-petrogas]] in July 2019. Reflecting recent significant market volatility, Total and Norway-based private equity investor HitecVision have successfully renegotiated the financial terms of the deal to respond to the current environment \u2013 while Petrogas is no longer part of the transaction.<\/p>\n<p><em>\u201cWe have worked closely with HitecVision and its portfolio company NEO Energy to reconfirm<br \/>\nour mutual commitment to completing the deal. The agreed revisions respond to current market<br \/>\nconditions while retaining the majority of the value of the transaction. The structure of the<br \/>\nconsideration and phasing of payments has been modified, including interest-bearing vendor<br \/>\nfinancing and earnout arrangements,\u201d<\/em> declared Jean-Pierre Sbraire, Chief Financial Officer<br \/>\nat Total. <em>\u201cWe look forward to progressing swiftly to completion and for NEO Energy to take<br \/>\nover operations. We are confident that this sale is the right thing for both parties and for the<br \/>\nbusiness and its employees.\u201d<\/em><\/p>\n<p>Total and NEO Energy have developed detailed transition plans to deliver a smooth handover<br \/>\nof operations upon completion, while allowing NEO to focus on embedding planned operating<br \/>\nefficiencies and growth plans as rapidly as possible.<\/p>\n<p>Subject to regulatory approvals, the parties expect to complete the transaction by the third<br \/>\nquarter 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Total confirmed its commitment to completing the sale of its UK<br \/>\nNorth Sea non-core assets, first announced in July 2019. Reflecting recent significant market volatility, Total and Norway-based private equity investor HitecVision have successfully renegotiated the financial terms of the deal to respond to the current environment <\/p>\n","protected":false},"author":20,"featured_media":94837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1470],"tags":[1671,1437,2103,2082,1702],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/94839"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=94839"}],"version-history":[{"count":0,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/94839\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/94837"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=94839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=94839"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=94839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}