Seplat Petroleum Development Company Plc yesterday announced the conclusion of the acquisition of Eland Oil & Gas Plc. The boards of Seplat and Eland had last October announced that they had reached agreement on the terms of a recommended cash acquisition by Seplat.
While other resolutions needing the approval of the shareholders had been passed, the scheme was sanctioned by the Court last week and would become effective upon the Court Order being delivered to the Registrar of Companies. Commenting on the acquisition, Chief Executive Officer, Seplat, Austin Avuru said:“We are delighted to successfully complete the acquisition of Eland, which further enhances Seplat’s footprint in Nigeria and provides opportunities for enhanced scale, diversification and growth. We welcome our new colleagues and Nigerian partners as we look forward to working together in this exciting phase of our development.
“The acquisition, made possible by our robust operational platform and headroom in our capital structure, is in line with a key part of our established strategy which is to pursue opportunities in the onshore and offshore areas of Nigeria that offer near term production with cash flow and reserves potential,” he said.
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