Helios to Exit Eland Oil & Gas to Seplat Petroleum in USD481 Million Acquisition
Posted On: 15 Oct 2019 | Source(s): Seplat Petroleum, Helios Investment Partners
Africa-focused private investment firm Helios Investment Partners has agreed to sell its stake in Eland Oil & Gas, a UK-listed company focused on oil and gas production, development, and exploration in West Africa, to Nigeria-based upstream oil and gas company Seplat Petroleum Development. Seplat will acquire the entire ordinary share capital of Eland for EUR382 million (approximately USD481 million), including the combined 60 percent stake held by Helios, Lombard Odier Asset Management (LOAME), and Ora Capital Chairman Richard I. Griffiths, all of which have provided irrevocable undertakings to sell their shares. Helios acquired a 29 percent stake in Eland for USD57 million in August 2012. The latest transaction is subject to shareholder and regulatory approvals and is expected to close in late 2019.