JEE Advises on Leveraged Acquisition of Forte Oil Plc
Jackson, Etti & Edu is pleased to have advised on the leveraged acquisition of Forte Oil Plc by Ignite Investments and Commodities Limited
Our Banking & Finance team advised on the acquisition financing of 75% majority stake in Forte Oil Plc through an SPV Investment Vehicle; Ignite Investments and Commodities Limited. This deal was significant for being the largest leveraged acquisition deal of the decade in the downstream oil and gas sector, spanning over 9 months of rigorous negotiations.
The deal involved raising debt on the balance sheet of Prudent Energy and Services Limited and channeling acquisition funds to an investment vehicle, Ignite Investments and Commodities Limited through a subordinated inter-company loan arrangement.
JEE is pleased to be a part of the deal team which included Stanbic IBTC Capital, amongst others. Our team acted as solicitors to the finance parties. The team was led by our Managing Associate and Co-Sector Head of the Financial Services Sector, Abayomi Adebanjo, assisted by Senior Associate Okey Nnebedum and Associate Modupe Balogun.