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December 18, 2019

Seplat buys Eland Oil & Gas for £382m

Nigerian oil and gas company Seplat has completed its purchase of Aberdeen based company Eland Oil & Gas for £382m.

By Jack Unwin

Nigerian oil and gas company Seplat has completed its purchase of Aberdeen based company Eland Oil & Gas for £382m.

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The deal was first announced in October 2019, with Seplat valuing Eland at 166p a share. Following that announcement, the acquisition had to be approved by 75% of Eland shareholders.

It also had to be sanctioned by a court under part 26 of the Companies Act of 2006, which was agreed on 12 December. With every procedure now completed, Seplat has become the official owner of Eland.

Eland’s shares will be suspended from the 18 December, and every non-executive director of the company has now resigned with immediate effect. Eland’s chief executive George Maxwell and chief financial officer Ron Bain will remain at the company during the transition period.

Seplat CEO Austin Avuru said: “We are delighted to successfully complete the acquisition of Eland, which further enhances Seplat’s footprint in Nigeria and provides opportunities for enhanced scale, diversification and growth.

“We welcome our new colleagues and Nigerian partners as we look forward to working together in this exciting phase of our development.”

Seplat’s stock price rose by 1.75% on the London Stock Exchange from 114p to 116p a share following the news. The company started the year at 114.50p and peaked at 134p on 14 May.

Seplat share price 2019

Eland had two operations in Nigeria that Seplat were interested in. It had a 45% equity stake OML 40 licence in the Niger Delta, which produced an average of 8,000 barrels of oil per day in 2018 and a 40% stake in the Ubima discovery well in Rivers State.

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img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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