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Announced

NNPC to acquire a 20% stake in Dangote's oil refinery for c.$3.8bn.

Financials

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Transaction Value£2,734m
Consideration TypeCash
Capital Owned-
Capital Bid For20%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Sources

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Tags

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Private

Single Bidder

Friendly

Pending

oil refinery

Minority

Acquisition

Domestic

Nigeria

Oil Refining and Marketing

Synopsis

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Nigerian National Petroleum, a state-owned oil corporation, agreed to acquire a 20% stake in a Lagos oil refinery from Dangote, a Nigerian multinational industrial conglomerate, for c$3.8bn. NNPC still needed cabinet approval for the plan, but said the value of having a stake in what would be the largest oil refinery in Africa was worth the cost.

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