Aluko & Oyebode acted as Nigerian counsel to a consortium consisting of Vitol S.A and Helios Investment Partners in relation to the acquisition of the downstream and retail businesses of Oando Plc, a leading Nigerian integrated energy company. The acquired companies include Oando Marketing Plc, Oando Trippmart Limited, Oando Supply and Trading Limited and the jetty-owning entity – Apapa SPM Limited.
The downstream and retail business, to be renamed OVH Energy, will be Nigeria’s second largest downstream fuels business with 12 per cent of the market and will give the Vitol-Helios consortium a total of 400 service stations and more than 600,000 barrels of storage and terminal capacity in the country.
According to Partner Reginald Udom: “We are pleased to have advised on this transaction, which represents the largest capital inflow into the Nigerian downstream sector. It is also one of the largest restructuring deals in this market as the peculiar transaction structure involved the restructuring of more than NGN94 billion worth of debt involving 11 banks, which ensured that the downstream assets were purchased free of these liabilities”.
Our Mergers and Acquisitions (M&A) Partners Olubunmi Fayokun and Ayodeji Oyetunde led the M&A team that advised on the acquisition, while our Finance Partners Reginald Udom and Oludare Senbore led the Banking & Finance team that advised on the restructuring and all other finance related aspects of the deal.
Other law firms which advised on several aspects this cross border deal include Ashurst LLP, Skadden, Arps, Slate, Meagher & Flom, DLA Piper, De Brauw Blackstone Westbroek N.V., Clifford Chance, and Loyensloeff.