White & Case Advises Seplat Energy on Acquisition of Exxon Mobil's Offshore Shallow Water Business in Nigeria
2 min read
Global law firm White & Case LLP has advised Seplat Energy Plc, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, on the US$1.283 billion to US$1.583 billion acquisition of the entire offshore shallow water business of Exxon Mobil Corporation in Nigeria.
"This acquisition will realise Seplat Energy's ambition to become the largest energy company in Nigeria by reserves and diversify its export routes through offshore fields that offer enhanced security and reliability," said White & Case partner Allan Taylor, who co-led the Firm's deal team. "Our role advising Seplat Energy on the acquisition is the latest in a number of transactions where we have supported the company, as it cements its position as the leading indigenous energy company in Nigeria."
The acquisition consists of a 40 percent operated interest in oil mining leases (67, 68, 70 and 104) and associated infrastructure, along with the Qua Iboe Terminal and a 51 percent interest in the Bonny River Terminal NGL Recovery Plant. The cash consideration payable will be funded through a combination of existing cash resources and credit facilities of Seplat Energy, and a new US$550 million to US$600 million secured loan facility and US$275 million to US$225 million junior debt facility. The acquisition constitutes a reverse takeover of Seplat Energy for the purposes of the UK Listing Rules and is expected to close during the second half of 2022 following receipt of regulatory approvals in Nigeria. This is the first transaction to be announced under the Nigerian government's recently ratified Petroleum Industry Act.
White & Case partner Jason Kerr, who co-led the Firm's deal team, said: "White & Case has a track record advising on strategic, high profile oil & gas transactions, as well as more than 36 years' experience advising on deals in Nigeria. Our work with Seplat Energy on this acquisition further demonstrates why our clients trust us to deliver on their most strategic projects."
The White & Case team in London which advised on the transaction included partners Allan Taylor, Jason Kerr and Mukund Dhar, counsel Joanna Hayward and Alex Woodfield, and associates Henry Brendon, James Foo, Emma Roker, Edwina Daws, David Murray, Zack Trumper and Asad Khan.
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