Noble Group has confirmed it plans to sell its Americas-focused oil business to rival Vitol in a deal that is expected to yield around $576m for the troubled commodities trader.
Noble confirmed the sale in a stock exchange filing on Monday morning in Asia, noting gross consideration of $1.4bn was comprised of base consideration of approximately $202m as at July 1, 2017 and net working capital of around $1.2bn as at June 30, 2017. The company said net proceeds from the sale would amount to about $576m based on total consideration of $582m after transaction costs.
The company was in talks late last week to close the sale of the unit, which trades up to 2.5m barrels a day of oil and products. The purchase has the potential to boost Vitol’s trading volumes to more than 9m barrels per day and reinforce its position as the world’s biggest independent oil trader.
Noble on Monday also requested the lifting of a trading halt on its shares that had been imposed on Friday in Singapore “pending the announcement of a major transaction”.
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