Seplat Energy Plc (SEPL.L), on Friday announced that its founding shareholder, Etablissements Maurel & Prom S.A. (MAU.PA), a French independent oil and gas exploration and production company, has entered into a binding agreement to sell its 20.07% equity stake to Heirs Energies Ltd. for $496 million.
Maurel & Prom holds 120.4 million shares and has agreed to sell the stake at 305 pence per share, with an initial payment of $248 million and the remaining balance payable within 30 days, secured by an irrevocable letter of credit.
The company said that the transaction also includes a potential contingent amount of up to $10 million.
Maurel & Prom has been one of the company's founding shareholders since 2010 and its largest shareholder, supporting the company's development into a Nigerian independent energy producer.
The sale reflects M&P's strategy to monetize the investment and refocus on direct oil and gas asset investments, while transferring the stake to Heirs Energies, a subsidiary of Heirs Holdings, as a long-term shareholder.
On Wednesday, Seplat Energy closed trading 10.72% higher at 284 pence on the London Stock Exchange.
On Wednesday, Etablissements Maurel & Prom closed trading 8.12% higher at EUR 5.53 on the Paris Stock Exchange.
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