Tullow Pays PE Firm $670M For Norwegian Oil Co.

Law360, New York (December 11, 2012, 4:05 PM EST) -- UK-based Tullow Oil PLC said Tuesday that it will snap up oil exploration company Spring Energy Norway AS from Norwegian energy-focused private equity firm HitecVision in a deal that could be worth $670 million and announced plans to focus on its core African and Atlantic operations and sell off European assets.

The London-based energy firm said it had agreed to acquire Spring Energy from HitecVision for a purchase price of $372.3 million. The deal also includes an additional $300 million in production incentives Tullow will pay...
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