Nigeria: Oando sells 49% stake in downstream business

Oando has agreed to sell a significant stake in its downstream business to Vitol and Helios Investment Partners, enabling it to focus on its upstream and midstream businesses. The Nigerian company said it had agreed with HV Investments II BV, a joint venture owned by a fund advised by Helios and Vitol, to acquire 49% of the voting rights and 60% of the economic rights in Oando’s downstream businesses. The other 51% of the voting rights will be held by Oando and a Nigerian Helios affiliate in the ratio of 49%:2%.