Shell announced on January 16th that it has reached an agreement to sell its Nigerian onshore subsidiary SPDC to Renaissance, a consortium of five companies, including four Nigerian exploration and production companies and an international energy group. The completion of the transaction depends on the approval of the local government and other conditions. As part of the transaction, the consideration to be paid to Shell is $1.3 billion. In addition, the buyer will also pay Shell up to $1.1 billion in additional cash, mainly related to previous receivables and cash balances in the business, most of which are expected to be paid upon completion of the transaction. After the transaction is completed, Shell will continue to be a major investor in Nigeria's energy industry through its deepwater and integrated natural gas business.