Deals
Oligarch’s Oil Deal Gives Green Light to Drill in Mexico
- DEA is said to buy Sierra Oil & Gas for $500 million
- Sierra has 40% stake in large offshore discovery called Zama
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Russian billionaire Mikhail Fridman’s oil firm has agreed to buy one of the first companies to drill in Mexico after it opened to foreign investment, gaining a large tranche of exploration acreage in the country.
Fridman, via his DEA Deutsche Erdoel AG unit, is buying Sierra Oil & Gas from a group of private-equity owners, according to a statement from the company. DEA didn’t disclose financial terms, but a person familiar with the negotiations put the value of the deal at around $500 million.