Genesis to Buy Additional 15% of Kupe JV. No change to Valuation.
Genesis Energy intends to buy 15% of the Kupe joint venture from New Zealand Oil & Gas, or NZOG, for NZD 168 million, bringing its stake to 46%. Origin Energy operates and owns 50% of Kupe, with the balance held by Mitsui. The acquisition is subject to approval by NZOG shareholders at a meeting on 16 December, and if approved should complete 1 January 2017. The acquisition appears fully priced, but we see strategic benefits from increasing Genesis's stake. We will update our forecasts after ...Genesis Energy Limited is an energy company involved in the generation of electricity, retailing and trading of energy, and the development and procurement of fuel sources. The Company operates through four segments: Customer experience, Energy management, Oil and gas, and Corporate. The Customer experience segment is engaged in supplying of energy (electricity, gas and liquefied petroleum gas (LPG)) and related services to end user customers. The Energy management segment is engaged in the generation and trading of electricity and related products. The segment includes electricity sales to the wholesale electricity market, derivatives entered into to fix the price of electricity, and wholesale gas and coal sales. The Oil and gas segment is engaged in the exploration, development, production and sale of gas, LPG and light oil. The Corporate segment is engaged in new generation investigation and development, fuel management, information systems and property management, among others.
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