Oando Sells Stake in Midstream Unit

Monday, September 26, 2016

Oando sold 49% stake in its midstream subsidiary, Nigeria’s Oando Gas and Power (OGP), to Helios Investment Partners LLP. The Nigerian firm sold the 49% stake for $115.8million.

The agreement 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, while the residual 2% will be held by a local entity.

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