Heirs Holdings Secures $496 Million Stake in Seplat Energy
Nigerian tycoon Tony Elumelu’s Heirs Holdings has agreed to acquire a 20% stake in Seplat Energy, the nation’s biggest oil explorer by value, for $496 million from France’s Etablissements Maurel & Prom. The acquisition, announced Wednesday, sent Seplat’s shares surging 11% in London while Maurel & Prom advanced 8% in Paris. The transaction reflects Heirs Holdings’ aggressive expansion in Africa’s energy sector and will make the company one of Seplat’s largest shareholders. Elumelu, who founded Heirs in 2010 to invest in strategic sectors across Africa’s biggest oil exporter, said the deal “reflects our strong belief in Africa’s ability to own, develop, and responsibly manage its strategic resources.”
The acquisition is being supported by African Export-Import Bank and Africa Finance Corporation, highlighting a growing trend toward regional financing for major energy deals. Heirs will initially pay $248 million with the balance payable within 30 days. The company recently secured $750 million in funding from Afreximbank to boost production.
Source: worldoil.com, energycapitalpower.com
