Oil and gas group Oando has sold 49% of its midstream business subsidiary, Nigeria’s Oando Gas and Power (OGP), for $115.8m, to Helios Investment Partners LLP, a premier Africa-focused private investment firm, Nigeria Today reported.
Oando added that 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, according to Business Day Live.
OGP is a pioneer developer of Nigeria’s natural gas distribution network and has grown to become the largest private sector gas distributor in Nigeria, delivering at peak, 70mcf/d of gas to over 175 industrial and commercial customers via its vast gas infrastructure network that cover more than 260km in pipeline infrastructure. The company provides energy solutions through its subsidiaries, Gaslink Nigeria Limited, Gas Network Services Limited, and Central Horizon Gas Company.