Total (NYSE: TOT) has closed on its Maersk Oil acquisition signed on August 21, 2017, the company said in a press release on March 8.

The acquisition brings Total around 1 billion barrels of oil equivalent of 2P/2C reserves and resources, mainly in the OECD countries, and a production of about 160,000 barrels of oil equivalent per day (boe/d) in 2018, ramping up to more than 200,000 boe/d by the early 2020s.

The acquisition of Maersk Oil allows the group to reinforce its existing leading positions in the U.K. and in Norway, as well as to enter Denmark, making Total the second-largest operator in the North Sea with an output of 500,000 boe/d by 2020.

 “We are committed to preserve and further develop Maersk Oil’s heritage by relying on the strong competencies of its teams. Our regional hub for North Sea activities is now headquartered in Copenhagen. Moreover, we welcome a major new shareholder—A.P. Moller-Maersk—which will hold 3.70% of the group’s capital,” Patrick Pouyanné, Total’s chairman and CEO, said.

The transaction also strengthens other growth areas of Total, in particular in Algeria and in the Gulf of Mexico in the U.S. It is immediately accretive to both cash flow per share and earnings per share.

Under the agreed terms, A.P. Moller-Maersk will receive a consideration of $4.95 billion in Total shares (around 97.5 million shares based on average share price of the 20 business days prior the signing date) and Total will assume $2.5 billion of Maersk Oil’s debt.