Maurel & Prom has announced that, following a bid process, it has signed, a Share Purchase Agreement (SPA) with Carlyle International Energy Partners for the acquisition of 100% of the shares in Assala Energy Holdings and all of its subsidiary entities holding the Assala group's entire upstream and midstream asset portfolio in Gabon
Olivier de Langavant, CEO of M&P, stated, "The acquisition of Assala represents a step change for M&P. The combination of our portfolios provides the group with a large operated base of long-life, low-cost onshore assets offering long-term visibility and substantial development potential in a stable country where M&P has been operating for more than 15 years. Assala’s management has done a great job in turning around the assets acquired from Shell in 2017, and M&P intends to continue building on this success story with the ongoing support of the combined workforce. The support of our controlling shareholder Pertamina allows us to benefit from attractive financing terms for this acquisition, which will further enhance value creation for all our shareholders."
Morgan Stanley, Hannam & Partners, and Mandiri Sekuritas acted as financial advisors to M&P on the Transaction. Herbert Smith Freehills Paris LLP acted as legal advisors to M&P on the Transaction, and Bracewell LLP acted as legal advisors to M&P on the financing of the Transaction.
The Transaction remains subject to various approvals, including from the Republic of Gabon and CEMAC (Communauté Economique et Monétaire de l'Afrique Centrale) merger control clearance. The closing of the Transaction is expected between Q4 2023 and Q1 2024.