Oando announces divestment of its residual 25% interest in Axxela Ltd

Oando announces divestment of its residual 25% interest in Axxela Ltd

Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchanges, today announced that it has divested its residual 25% interest in Axxela Limited (held through Glover Gas & Power B.V.) to Helios Investment Partners (“Helios”), a leading private equity firm with a focus on investments in Africa.

The total purchase price for the transaction was USD $41,500,000, thereby optimizing value from a non-core business activity of the Group. The net proceeds of the transaction will be applied in partially prepaying the Group’s Medium Term Loan (MTL).

The acquisition by Helios was effected through HIP GLOVER S.à.r.l, a special purpose vehicle incorporated by Helios, which in 2016 had acquired the initial 75% interest in Axxela for $115.8 million.

Source: Oando

Leave a Reply

Your email address will not be published. Required fields are marked *