Helios Investment Partners LLP, a premier Africa-focused private investment firm, has acquired 49% of the voting rights of Oando Plc’s midstream business subsidiary, Oando Gas and Power Limited (OGP), for $115.8 million.
Subject to regulatory approvals and customary purchase price adjustments, Oando Plc will now have 49% voting rights in OGP, Helios Investment 49% and a local entity 2%. Apparently optimistic about the deal, Tope Lawani, the Co-founder and managing partner of Helios Investment Partners said that the “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.’’
OGP is a leading developer in Nigeria’s natural gas distribution network, delivering a maximum of 70 million standard cubic feet per day over 260km of pipeline infrastructure.
“[The] 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 revolutionize 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.” Independent Nigeria quotes Adewale Tinubu, Oando’s Group CEO as saying.
Parts of this article originally appeared in Independent Nigeria.