Billionaire businessman Femi Otedola don sell him 77 per cent controlling stake for Geregu Power Plc for deal wey worth about $750 million.
Geregu Power confirm the transaction for filing wey dem upload on Nigerian Exchange (NGX) website on Wednesday.
According to details wey NGX publish, the deal happen through sale of Otedola 95 per cent stake for Amperion Power Distribution Company Limited to MA’AM Energy Limited, one indigenous energy company based for Abuja.
MA’AM Energy na integrated energy company wey dey handle power generation and supply, energy trading and marketing across Nigeria.
The NGX filing explain say Amperion Power Distribution Company Limited, wey be majority shareholder for Geregu Power Plc, don undergo serious ownership restructuring.
The document confirm say MA’AM Energy Limited don acquire 95 per cent equity interest for Amperion Power, wey now make dem the new controlling shareholder of Geregu Power Plc.
Because of this development, the indirect controlling interest wey Calvados Global Services Limited and Femi Otedola hold before don now move enter MA’AM Energy.
Sources say the transaction wey close yesterday get funding from group of Nigerian banks led by Zenith Bank, while Blackbirch Capital act as financial advisers for the deal.
However, Geregu Power make am clear say the sale no involve direct transfer or sale of shares for Geregu Power Plc itself. This mean say the company public shareholding structure for NGX still remain the same.
As at now, Geregu Power Plc dey valued at about N2.85 trillion, dey trade around N1,140 per share, and still rank as one of the most capitalised and profitable companies for Nigerian Exchange.
