DEA Deutsche Erdoel as agreed to buy nL2N1Y50V3 of the first companies to drill in Mexico after it opened to foreign investment, gaining a large tranche of exploration acreage in the country. DEA bought Sierra Oil & Gas from a group of private-equity owners. DEA didn’t disclose financial terms, but a person familiar with the negotiations put the value of the deal at around $500m. The transaction is set to become the largest upstream acquisition in Mexico since the liberalisation of its petroleum sector in 2013.
DEA Deutsche Erdoel as 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. DEA bought Sierra Oil & Gas from a group of private-equity owners. DEA didn’t disclose financial terms, but a person familiar with the negotiations put the value of the deal at around $500m. The transaction is set to become the largest upstream acquisition in Mexico since the liberalisation of its petroleum sector in 2013.