06:32 AM EDT, 05/28/2025 (MT Newswires) -- ExxonMobil ( XOM ) has entered exclusive negotiations to sell its 82.89% stake in Esso to North Atlantic, Esso said on Wednesday.

The company said the deal is expected to price Esso's shares at 149.19 euros ($168.82) before distributions.

The deal includes plans for Esso to distribute up to 63.36 euros per share in additional cash to shareholders, in addition to a 53 euros dividend set for approval on June 4, the company said.

After the deal, expected to be completed in late 2025, North Atlantic will launch a mandatory public offer for the remaining shares on the same financial terms as the initial offer, Esso said.

North Atlantic has indicated it intends to maintain employment and current benefits at Esso, it added.