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 Natascha.Divac@wsj.com

(END) Dow Jones Newswires

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

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