Mercuria Energy Group Ltd (“Mercuria”) is pleased to announce that it has entered into an exclusive agreement, which allows Mercuria to acquire up to 17 percent of the share capital of Forte Oil Plc (“Forte”), through a structured transaction that could represent total consideration of up to USD 200 million.
Such an investment in one of the leading indigenous marketers of refined petroleum products will provide Mercuria with increased exposure to an attractive and growing market, which is expected to be rendered more efficient by the changes taking place within the new political environment. This agreement reflects Mercuria’s dedication and contribution to the expansion of major Nigerian indigenous groups in the oil & gas and downstream energy sectors.
The proceeds of such a transaction will strengthen Forte working capital position and provide Forte with opportunities for expansion of their oil, gas and power generation businesses in Nigeria.
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