M&A Deal Summary

Verus Petroleum Acquires Cieco Exploration & Production Limited

On September 20, 2018, Verus Petroleum acquired oil/gas exploration company Cieco Exploration & Production Limited from Itochu for 400M USD

Acquisition Highlights
  • This is Verus Petroleum’s 1st transaction in the Oil/Gas Exploration sector.
  • This is Verus Petroleum’s largest (disclosed) transaction.
  • This is Verus Petroleum’s 1st transaction in the United Kingdom.

M&A Deal Summary
Date 2018-09-20
Target Cieco Exploration & Production Limited
Sector Oil/Gas Exploration
Buyer(s) Verus Petroleum
Sellers(s) Itochu
Deal Type Divestiture
Deal Value 400M USD

Target

Cieco Exploration & Production Limited

London, United Kingdom
CIECO UK is a London based oil and gas E&P company established in 1992. CIECO UK acts as the base office for ITOCHU's oil and gas E&P business, covering activities in the UKCS, Europe, Africa, Middle East and CIS.

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Buyer(S) 1

Buyer

Verus Petroleum

Aberdeen, United Kingdom
Category Company
Sector Oil/Gas Exploration
DESCRIPTION

Verus Petroleum is an independent oil and gas company. Verus Petroleum is based in Aberdeen, United Kingdom.

DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
Country (United Kingdom) 1 of 1
Year (2018) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

Itochu

Tokyo, Japan
Category Company
Founded 1858
Sector Business Services
Employees128,146
Revenue 14.03T JPY (2024)
DESCRIPTION
ITOCHU's corporate headquarters in Tokyo, Japan.
ITOCHU's corporate headquarters in Tokyo, Japan.

Itochu is a prominent multinational trading company operating in various industries worldwide. With a diverse portfolio, the company engages in the sales, import, and export of an extensive range of products and services. Its offerings span sectors such as textiles, machinery, metals, energy, chemicals, food, and general merchandise. It caters to a broad customer base comprising retailers, wholesalers, manufacturers, and businesses across different sectors, providing them with high-quality goods and facilitating global trade through its extensive network and expertise. Itochu was founded in 1858 and is based in Tokyo, Japan.

DEAL STATS #
Overall 5 of 6
Sector (Oil/Gas Exploration) 2 of 2
Type (Divestiture) 5 of 5
Country (United Kingdom) 2 of 2
Year (2018) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-15 Alta Forest Products

Chehalis, Washington, United States

Alta Forest Products LLC is a wood fencing manufacturer. Alta Forest Products was founded in 2014 and is based in Chehalis, Washington.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-01 Docquity

Singapore, Singapore

Docquity offers each company a dedicated channel through the platform which provides physicians with information on products and diseases. Docquity is based in Singapore City.

Buy -
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