BASF and LetterOne have agreed to merge Wintershall (subsidiary of BASF) and DEA (subsidiary of LetterOne), to create a leading independent oil and gas company. The future name of the company will be Wintershall DEA and the combined business had a pro-forma revenue of 4.7B EUR and EBITDA of 2.8B EUR. The merger is expected to provide 200M EUR of cost synergies per year, following a closing of the transaction in 2019.
