May 19, 2020

BHP Billiton to sell shale oil and gas assets to BP for $10.5bn

BHP Billiton
bp
UK
Shale oil and gas
Galia Ilan
2 min
BHP Billiton to sell shale oil and gas assets to BP for $10.5bn

The Melbourne-headquartered mining and metals firm, BHP Billiton, has confirmed the sale of its US onshore shale oil and gas assets.

The company sold the assets to the UK-based petroleum giant, BP, for US$10.5bn.

BHP Billiton is anticipated to have invested $20bn into the oil and gas assets, which it acquired in 2011 for $20bn.

“It was the wrong environment to have bought the assets when they did but this is the right market to have sold them in,” commented Craig Evans, Tribeca Global Natural Resources Fund’s Co-Portfolio Manager, claims Reuters.

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The firm has sold its Eagleford, Haynesville, and Permain field assets, with BP paying in two separate transactions – half to be paid upon the completion of the deal and half to be paid in six instalments.

Merit Energy will acquire the remaining Fayetteville assets for $540mn.

“The sale of our onshore US assets is consistent with our long-term plan to simplify and strengthen our portfolio to generate shareholder returns for decades to come,” stated Andrew MacKenzie, the CEO of BHP Billiton.

“This is a transformational acquisition for our Lower 48 business, a major step in delivering our upstream strategy and a world-class addition to BP’s distinctive portfolio,” remarked Bob Dudley, the CEO of BP, in a statement.

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Jun 8, 2021

Timeline: India takes unicorn leap with six in five days

India
Unicorns
Startups
tech
Kate Birch
2 min
We chart an historic week in India’s startup tech industry, where from April 5-9 the country achieved six unicorns

We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.

April 5: Meesho

India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.

April 6: CRED

Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.

April 7: API Holdings / Groww

The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.

April 8: ShareChat

New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.

April 9: Gupshup

AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels. 

 

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