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Business News

Rothschild makes a killing on Agora sale

Lord Rothschild has struck gold again, selling a North Sea oil company for nearly three times the amount he invested in it just over two years ago.

Cairn Energy is paying $450m (£281m) in cash and shares for Agora Oil & Gas, in a deal it describes as a major step forward in rebalancing its portfolio.

RIT Capital Partners, the quoted Rothschild investment fund, made a £73m profit on its 40 per cent stake, which it bought for £41m in November 2009.

Similar gains have been made by the Rothschild family and charitable foundation, which between them owned another 44 per cent.

Agora's management hold 16 per cent and are largely taking Cairn shares in the deal.