Faroe Petroleum, who DNO placed a GBP 608m bid on last month, has swapped oil and gas assets with Equinor. The deal could lead DNO to raise their bid in their hostile takeover. The deal regards swapping stakes between oil plants. RBC Capital says the deal is worth USD 140m which would price Faroe at 170-180 pence per share, corresponding to a GBP 700m value of Faroe. Faroe Petroleum reported a turnover of GBP 141m and EBITDA of GBP 76m the LTM, corresponding to an EV/EBITDA multiple of 9.2x.
