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Wintershall and DEA Unite

BASF and LetterOne have signed a definitive transaction agreement to merge their respective oil and gas businesses Wintershall and DEA in a joint venture, which will operate under the name Wintershall DEA.

With Wintershall DEA we create the leading independent European exploration and production company with international operations in core regions. By combining the two German-based entities, BASF and LetterOne lay the basis for further profitable growth,” said Dr. Hans-Ulrich Engel, vice chairman of the board of executive directors and chief financial officer of BASF SE.

In the medium term, BASF and LetterOne envisage to list Wintershall DEA through an Initial Public Offering (IPO).

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