bp PLC and Aker ASA sold 18,010,000 shares in Aker BP ASA, representing about 5% combined shares in the company, at a price of NOK 310 per share.
bp sold 7,718,571 shares, representing about a 2.1% stake in Aker BP, for a total of NOK 2.39 billion. Following the sale, bp now holds about 27.85% interest in Aker BP. Aker now holds 37.14% and the free float of the company has increased from 30% to 35%. bp and Aker have entered a 6-month lock-up for their remaining shares in Aker BP, subject to certain exemptions.
Proceeds from this transaction will form part of bp’s target of delivering $25 billion of divestment and other proceeds by 2025. bp announced at the time of its third-quarter 2021 results that it expects $6-7 billion of divestment and other proceeds in 2021.