By Natascha Divac

FRANKFURT--Austrian energy company OMV SE said Tuesday it agreed to sell its U.K. subsidiary OMV (U.K.) Limited to Aberdeen-based Siccar Point Energy Limited for up to $1 billion.

The transaction consists of a $750 million payment and a contingent payment of up to $125 million, the company said.

The parties also agreed on a purchase price adjustment related to capital expenditures, which could result in a further consideration of approximately $125 million.

The transaction is subject to regulatory approvals and is anticipated to close in the first quarter of 2017.

Write to Natascha Divac at

(END) Dow Jones Newswires

November 08, 2016 13:24 ET (18:24 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.