A leading Nigerian independent energy company, Heirs Energies Ltd, has acquired M&P’s 20.07% interest in Seplat Energy for $496 million. Maurel & Prom S.A. (M&P) announced this after market close, entering into a binding agreement in relation to the sale of its entire shareholding of 120.4 million shares, representing a 20.07% interest, in Seplat Energy Plc
The sale is at a price of 305 pence per share, corresponding to a total consideration of $496 million, with an initial payment of $248 million and the balance payable within 30 days, secured by an irrevocable letter of credit. An additional contingent consideration of $10 million may become payable, and subject to share price performance over the next six months.
M&P has been one of Seplat’s three founders and its largest shareholder since its inception in 2010, and has supported the company throughout its development into a leading Nigerian energy player with a diversified portfolio across oil and gas, playing a key role in Nigeria’s energy security.
