AP Moeller-Maersk (AMKBY) shares gained in the first minutes of trading Monday after it said it had sold its oil and gas division to Total (TOT - Get Report) .

The French oil and gas giant picked up the assets for $7.45 billion in a combined share and debt transaction.

Maersk shares were up 4.61% om the first 15 minutes of trading, changing hands at Dkr 13,360. Meanwhile, Total shares were down 0.64% to change hands at €42.39.

Maersk will receive 97.5 million shares in Total with a value of $4.95 billion equal to approx. 3.76% of Total. According to FactSet data this will make Maersk its biggest shareholder.

In addition to the shares Total is assuming a short term debt of $2.5 billon via debt push down from Maersk into Maersk Oil. Total S.A. will pay an interest of 3% per year of the enterprise value from June 30, 2017 and until closing of the transaction.

The transaction is subject to regulatory approval from relevant authorities including the Danish Minister of Energy, Utilities and Climate and competition authorities as well as required consultation and notification processes with Total's employee representatives.

The deal is expected to close in the first quarter of 2018. Maersk did not change its guidance for the full year.

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