Oando, the Nigerian and Johannesburg-listed oil and gas group, has implemented the $115.8m deal announced in September to bring Helios Investment Partners into subsidiary Oando Gas and Power, it said on Tuesday. Under the transaction, 49% of Oando Gas and Power’s voting rights have been divested to a Helios special purpose vehicle, Glover Gas and Power. Oando retains 49% of the voting rights and the other 2% is held by a local Nigerian entity. Oando group CEO Adewale Tinubu said the partnership would enable its unit to expand by linking its local knowledge with Helios’s global network and financial capabilities. Helios managing partner Tope Lawani said the transaction was in line with its strategy of investing in businesses that provide energy solutions in Africa. Oando Gas and Power is Nigeria’s largest private-sector distributor of gas. At peak it delivers 70-million standard cubic feet a day to more than 175 industrial and commercial customers. It has 260km of pipelines. Oando sh...
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