The financing of Nigerian energy company Oando’s acquisition of a 49.8% stake in two offshore oil blocks owned by Royal Dutch Shell was due to close at the end of March, according to Wale Tinubu, the company’s group chief executive.
The transaction marks the first time a local company has bought oil production assets from a multinational operating in Nigeria.
The $625 million deal consists of $250 million equity from Oando, a senior debt portion of $200 million linked to the field’s reserves, and a mezzanine portion of $175 million.
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