OIL and gas group Oando said on Monday it had sold 49% of its voting rights in its midstream business subsidiary, Oando Gas and Power, for $115.8m.The Nigeria- and JSE-listed group signed a deal with Africa-focused private investment firm Helios Investment Partners.Oando will retain 49% of the voting rights in the deal, which is still subject to regulatory approval and customary purchase price adjustments. The residual 2% will be held by a local entity."This strategic alliance will firmly leverage our local knowledge and expertise alongside Helios’s strong financial capabilities," Oando CE Adewale Tinubu said.With more than 260km in pipeline infrastructure built, Oando Gas and Power provides energy solutions primarily through its subsidiaries: Gaslink Nigeria; Gas Network Services; and Central Horizon Gas Company."This transaction is consistent with Helios’s strategy of investing in businesses that provide cost-effective and reliable energy access solutions," Helios Investment Partn...
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