Leading investment banking and financial services group, United Capital Plc, recently acted as one of the lead financial advisors to Heirs Holdings, in the $1.1 billion acquisition of Nigerian oil bloc OML 17, now owned and operated by Heirs Oil and Gas.
One of the largest oil and gas financing transactions to take place in Africa in the last decade, the Oil Mining Lease was previously owned by Shell, ENI, and Total. Known for its expertise in closing large-scale investment deals, United Capital Plc provided financial advisory and structuring services, in raising the financing and coordinated consultants and advisers in due diligence exercises required to close the deal.
In a statement, the Group Chief Executive Officer, United Capital Plc, Mr. Peter Ashade, said “The OML 17 acquisition represents another milestone for United Capital, as we establish our position as one of Africa’s financial services leaders, executing complex transactions that deliver what our clients need”. He noted that the success of the deal, and the appetite of international investors, despite the unfavorable macro-economic conditions, highlight the strong potential of Nigeria’s energy sector.
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The OML 17 acquisition is an important step in Heirs Holdings’ ambitious objective of creating Africa’s first integrated energy multinational, building on its track record in the power sector, through the growth of Transcorp Power and the recent Afam Power acquisitions, and its other oil and gas interests.
For United Capital Plc, this is only one of many robust deals successfully closed in the energy sector alone. The company served as financial adviser and lead issuing house in Gel Utility Limited’s N13 billion bond issuance and most recently Transcorp Consortium’s N105 billion acquisition of Afam Power Plc and Afam III Fast Power Limited.
United Capital’s significant advisory role in these acquisitions further demonstrates its commitment to catalysing energy sufficiency and economic growth in Africa.
About United Capital:
United Capital Plc is a leading financial and investment services group, providing bespoke value-added service to its clients. United Capital Plc is positioned to play a strategic role in helping African governments, corporates, and individuals achieve their strategic objectives, through a robust suite of financial and investment service offerings by our Group companies: Investment Banking, Asset Management, Trusteeship, and Securities. The Group is regulated by the Securities and Exchange Commission (SEC) in Nigeria.
