Nigeria: Oando Targets N54 Billion From Sale of 60 Percent Downstream Operations

Oando Plc, an integrated oil and gas company, has entered into agreement with HV Investments II B.V. (HVI) and The Vitol Group to acquire 51 percent of the voting rights and 60 percent of the economic rights in Oando's downstream businesses.

The deal has been brokered at $276 million, conditional upon the receipt of regulatory approvals and subject to customary purchase price adjustments, including working capital.

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