PAC Capital Limited (PAC Capital), the investment banking arm of Pan-African Capital Holdings, has completed a $443 million acquisition facility for Etu Energias.
The deal involves the acquisition of Galp’s stake in Block 32, Block 14, and Block 14K offshore Angola. This transaction follows the recent completion of a $3.3 billion pre-export facility in Nigeria by PAC Capital.
Humphrey Oriakhi, managing director of PAC Capital, expressed his excitement about the deal: “This transaction provides the opportunity for another African company to make inroads into these strategic assets, previously dominated by International Oil Companies (IOCs), thereby giving a significant advantage for majority stakes.”
Bolarinwa Sanni, senior director at PAC Capital, also highlighted the strategic importance of this acquisition: “This deal is not just a significant milestone for Etu Energias but also a transformative step towards strengthening local ownership and control of key energy assets in Angola. We are proud to have facilitated this landmark transaction.
“The acquisition transaction, which was finalised on the sidelines of the 31st Afreximbank Annual Meetings (AAA) and the 3rd AfriCaribbean Trade and Investment Forum (ACTIF) in Nassau, Bahamas, includes Galp’s five percent non-operating stake in Block 32, nine percent non-operating stake in Block 14, and 4.5 percent non-operating stake in Block 14K.”
The close collaboration between the different parties was fundamental to the success of this business, which represents Etu Energias’ entry into deepwater oil production.
Also speaking on the deal, Edson Dos Santos, Etu Energias´s chairman/CEO, said, “The conclusion of this transaction demonstrates the resilience of our company and represents a huge step in our strategy to build a profitable and diversified portfolio.”
Dos Santos extended appreciation for the support and role of PAC Capital’s in the deal.
“PAC Capital’s expertise and dedication were instrumental in securing this acquisition. Their skilful strategic fund arrangement ensured the successful closure of this complex transaction, positioning us to become a leading player in Angola’s oil and gas sector”, he added.
The acquisition significantly enhances Angola’s energy security by empowering local companies to own strategic petroleum assets, thereby strengthening the nation’s energy sector.
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