2nd Jan 2026 13:03
(Alliance News) - Seplat Energy PLC on Friday noted one of its founding investors, Maurel & Prom, has sold its entire 20.07% stake in the company to Lagos, Nigeria-based oil & natural gas firm Heirs Energies Ltd.
The sale of shares in the Nigeria-focused energy supplier was for a total consideration of USD496 million, and occurred at a price of 305 pence per share, said M&P.
Shares in Seplat were up 1.3% at 287.77p on Friday afternoon in London. It has a GBP1.73 billion market capitalisation.
The deal includes an initial payment of USD248 million, with the remainder due within 30 days under an irrevocable letter of credit.
M&P, which has been Seplat's largest shareholder since 2010, noted a further USD10 million is payable pending share price performance over the next six months.
"We are incredibly proud to have supported Seplat's journey over the last fifteen years and its transformation into a leading energy company in Nigeria across both oil and gas," said M&P Chief Executive Olivier de Langavant.
"We believe that now is the right time for M&P to monetise this position and further focus on direct investments in oil and gas assets, in line with a growth strategy that we plan to accelerate," the CEO added.
By Christopher Ward, Alliance News reporter
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