United Capital advises firm on $1.1bn OML transaction


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An Investment banking and financial services group, United Capital Plc, has said it recently acted as one of the lead financial advisors to Heirs Holdings, in the $1.1bn acquisition of Nigerian oil bloc OML 17, now owned and operated by Heirs Oil and Gas.

The firm said this in a statement on Thursday titled ‘United Capital Plc advises on $1.1Bn OML 17 Heirs Oil and Gas investment transaction’.

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It stated that as one of the largest oil and gas financing transactions to take place in Africa in the last decade, the oil mining lease was previously owned by Shell, ENI, and Total.

Known for its expertise in closing large-scale investment deals, United Capital Plc said it provided financial advisory and structuring services, in raising the financing and coordinated consultants and advisers in due diligence exercises required to close the deal.

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The Group Chief Executive Officer, United Capital Plc, Mr Peter Ashade, said “The OML 17 acquisition represents another milestone for United Capital, as we establish our position as one of Africa’s financial services leaders, executing complex transactions that deliver what our clients need.”

He noted that the success of the deal, and the appetite of international investors, despite the unfavourable macro-economic conditions, highlighted the strong potential of Nigeria’s energy sector.

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