Australia M&A - Sumitomo & Sojitz agree to acquire 10% stake in Scarborough from Woodside

(Originally published on August 8, 2023)

Today, Woodside Energy have announced that they have entered into a sale and purchase agreement to divest a 10% stake in the Scarborough project to LNG Japan, a 50:50 JV between Sumitomo Corporation and Sojitz Corporation. The deal has an effective date of 1 January 2022 (essentially from FID) and is expected to close in the first quarter of 2024.

The purchase price for the deal is US$ 500 million plus historical expenditure from the effective date to the close date, with the estimated total consideration being approximately US$ 880 million.