Seplat Energy PLC on Friday noted one of its founding investors, Maurel & Prom, has sold its entire 20.07% stake in the company to Lagos, Nigeria-based oil & natural gas firm Heirs Energies Ltd.
The sale of shares in the Nigeria-focused energy supplier was for a total consideration of $496 million, and occurred at a price of 305 pence per share, said M&P.
Shares in Seplat were up 1.3% at 287.77p on Friday afternoon in London. It has a £1.73 billion market capitalisation.
The deal includes an initial payment of $248 million, with the remainder due within 30 days under an irrevocable letter of credit.
M&P, which has been Seplat’s largest shareholder since 2010, noted a further $10 million is payable pending share price performance over the next six months.
‘We are incredibly proud to have supported Seplat’s journey over the last fifteen years and its transformation into a leading energy company in Nigeria across both oil and gas,’ said M&P Chief Executive Olivier de Langavant.
‘We believe that now is the right time for M&P to monetise this position and further focus on direct investments in oil and gas assets, in line with a growth strategy that we plan to accelerate,’ the CEO added.
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