Seplat Energy Plc (listed on the NGX and LSE) has completed the acquisition of Mobil Producing Nigeria Unlimited ("MPNU") from ExxonMobil Corporation. The transaction, which was announced in February 2022, finally received regulatory approval in October 2024, and closed on December 12, 2024.
Transaction Highlights
• Final cash consideration payable to ExxonMobil at closing is $672 million.
-$128 million deposit paid in 2022 at first SPA signing
-Total consideration at closing $800 million
- All fully funded from available cash and debt facilities, with no new equity issuance required.
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The acquisition of the entire issued share capital of MPNU adds the following assets to the Seplat Group
• 40% operated interest in OML 67, 68, 70 and 104
• 40% operated interest in the Qua Iboe export terminal and the Yoho FSO
• 51% operated interest in the Bonny River Terminal (‘BRT’) NGL recovery plant
• 9.6% participating interest in the Aneman-Kpono field.
• Approximately 1,000 staff and 500 contractors will transition to the Seplat group.
In connection with the completion of the acquisition of MPNU, the listing of Seplat’s existing ordinary shares on the Official List of the UK's Financial Conduct Authority (“FCA”) is expected to be cancelled with effect from the close of trading on 12 December and then readmitted to the equity shares (International commercial companies secondary listing) segment of the Official List of the FCA and to trading on the main market for listed securities of the London Stock Exchange.
White & Case LLP, Olaniwun Ajayi, and Udo Udoma & Belo-Osagie advised Seplat in connection with the acquisition. TEMPLARS and Latham & Watkins, advised Exxonmobil, on the Nigerian and international side of the transaction respectively, in connection with its divestment.
