RIT looks to sell Agora Oil and Gas to Cairn Energy

RIT Capital Partners has announced the proposed sale of Agora Oil and Gas, a private Norwegian company with oil and gas assets in the UK and Norwegian North Sea, to Cairn Energy.

The proposed sale of the Agora business is for a total consideration of $450m (£281m) to be satisfied in cash and Cairn shares.

RIT’s anticipated cash proceeds from the transaction will be £114m, against its investment of £41m, representing a total profit of £73m.

The transaction is subject to approval from the relevant regulatory authorities in the UK and Norway.