17th Dec 2019 14:36
(Alliance News) - Seplat Petroleum Development Co PLC on Tuesday said it completed the acquisition of peer Eland Oil & Gas after a court had sanctioned the transaction.
In mid-October, Seplat had agreed a GBP382 million purchase of fellow energy firm Eland but the acquisition was by way of a court-sanctioned scheme of arrangement.
On Tuesday, the court order sanctioning the scheme was delivered to the registrar of companies and has now become effective, Seplat said.
As such, Seplat now owns the entire share capital of Eland, which had its shares suspended from trading on AIM pending the takeover.
Eland shares will be cancelled from AIM on Wednesday morning.
"We are delighted to successfully complete the acquisition of Eland, which further enhances Seplat's footprint in Nigeria and provides opportunities for enhanced scale, diversification and growth. We welcome our new colleagues and Nigerian partners as we look forward to working together in this exciting phase of our development," Seplat Chief Executive Officer Austin Avuru said.
Seplat shares were up 5.1% at 113.00p in London on Tuesday.
By Arvind Bhunjun; [email protected]
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