Aker BP to buy Lundin Energy's oil and gas in $14 bln deal

OSLO, - Norway's Aker BP AKRBP.OLwill buy the oil and gas business of Sweden's Lundin Energy LUNE.ST, forming the second-largest petroleum firm on the Norwegian continental shelf, the two companies said on Tuesday.

The transaction values the acquired assets at approximately 125 billion Norwegian crowns ($13.9 billion), they said.

"The proposed combination has strategic, and value accretive benefits and the combined company will be characterized by increased scale, world-class quality, and high returns," Aker BP and Lundin said in a joint statement.