Oando Signs $115.8mn Agreement With Helios

Oando Plc has signed a mid-stream agreement with Helios Investment Partners, a premier Africa-focused private investment firm, to acquire 49% of the voting rights in Oando’s mid-stream business subsidiary, Oando Gas and Power Limited.

Oando will still retain 49 percent of voting rights in Oando Gas and Power Limited while the remaining two percent will be held by a local entity.

In a statement to the Nigerian Stock Exchange, the group explained that the agreed transaction consideration of 115.8 million dollars is conditional upon receipt of regulatory approvals and subject to customary purchase price adjustments.

According to the oil group’s Chief Executive, Wale Tinubu, this strategic alliance will firmly leverage the group’s local knowledge and expertise alongside Helios’ strong financial capabilities to revolutionize the sector and position gas as a key driver for Nigeria’s economic empowerment.