Gulf Oil and Gas accountACCOUNT

Oando Signs $115.8m Midstream Agreement with Helios

Source: www.gulfoilandgas.com 9/19/2016, Location: Africa

Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, has announced the execution of a definitive agreement with a vehicle owned by funds advised by Helios Investment Partners LLP (Helios), a premier Africa-focused private investment firm, to acquire 49% of the voting rights in Oando’s midstream business subsidiary, Oando Gas and Power Limited (OGP).

The agreed transaction consideration of US$ 115.8 million is conditional upon the receipt of regulatory approvals and subject to customary purchase price adjustments. Upon completion, Oando will retain 49% of the voting rights in OGP. The residual 2% will be held by a local entity.

OGP is the pioneer developer of Nigeria’s foremost natural gas distribution network and has subsequently grown to become the largest private sector gas distributor in Nigeria, delivering at peak, 70 million standard cubic feet per day (mmscf/d) to over 175 industrial and commercial customers via its vast gas infrastructure network.

With over 260km in pipeline infrastructure built, OGP provides unique energy solutions primarily through its subsidiaries: Gaslink Nigeria Limited (Gaslink), Gas Network Services Limited (GNSL), and Central Horizon Gas Company (CHGC).

Speaking about the agreement, Oando PLC Group Chief Executive, Adewale Tinubu said: “This strategic alliance will firmly leverage our local knowledge and expertise alongside Helios’ strong financial capabilities. Through the optimization of our existing business operations and the expansion of our footprint, we will revolutionise the sector and position gas as a key driver for Nigeria’s economic empowerment. We look forward to completing the transaction, which will create a formidable leader of gas and power solutions in sub-Saharan Africa.”

Co-founder and managing partner of Helios Investment Partners, Tope Lawani added: “This transaction is consistent with Helios’ strategy of investing in businesses that provide cost-effective and reliable energy access solutions. We look forward to supporting OGP’s continued growth and working with all stakeholders to improve the reliability of gas supply to the company’s numerous industrial customers, who all play a critical role in the growth of the economy.’’

Mergers and Acquisitions News in Nigeria >>

Singapore >>  11/14/2019 - Baron Oil Plc (BOIL) is pleased to announce that it has entered into a non-binding Heads of Agreement (HOA) with SundaGas Pte. Ltd. (SundaGas), as a r...
United States >>  11/14/2019 - Callon Petroleum Company (CPE) and Carrizo Oil & Gas, Inc. (CRZO) announced an amendment to the existing terms of their agreement for Callon to acquir...

France >>  11/13/2019 - Air Liquide, the Durance, Luberon, Verdon urban area (DLVA) and ENGIE are signing a cooperation agreement to develop the “HyGreen Provence” project wh...
Japan >>  11/13/2019 - ITOCHU Corporation (TOCHU) has acquired all of the issued and outstanding shares of Jamieson Manufacturing Corporation (“Jamison“), a U.S. based fence...

Norway >>  11/13/2019 - Reference is made to the stock exchange notice of 26 September 2019 where the Board of Directors in North Energy ASA and North Energy Norge AS approve...
United Arab Emirates >>  11/12/2019 - The Abu Dhabi National Oil Company (ADNOC) announced today it has signed an agreement with Group 42 (G42), an Abu Dhabi based artificial intelligence ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.