Addleshaw Goddard advises Seven Energy in securing $255m of new equity capital
The African Business Group of Addleshaw Goddard has advised Seven Energy International in securing $255m (£152m) of new equity capital, which will enable the group to further develop gas supply opportunities in Nigeria’s domestic energy market.
Singapore investment company Temasek has committed $150m; the International Finance Corporation (IFC), a member of the World Bank Group, has committed $75m; and the IFC African, Latin American and Caribbean Fund (IFC ALAC Fund) has committed $30m.
The investments will be in two tranches, the timing of which is subject to the satisfaction of certain conditions in the investment agreements.
The Addleshaw Goddard team advising Seven Energy was led by corporate and energy partner Angus Rollo and included partner Guy Winter and corporate finance associate Karen Orr.
This new equity capital will assist Seven Energy in the development of its growing portfolio of assets in Nigeria, where the group is focusing on the development of upstream reserves and resources and gas infrastructure to provide gas to the domestic market for power generation and industrial consumption.
News from Addleshaw Goddard
News from The Lawyer
Briefings from Addleshaw Goddard
Consultations released on implementation of energy efficiency regulation of the private rented sector
The Department for Energy & Climate Change has published the long-awaited consultation on implementing the provisions of the Energy Act 2011.
The Court of Appeal has overturned a High Court judge’s decision to add words to a non-compete restriction, which had originally offered the employer very little protection.
Analysis from The Lawyer
Could Slater & Gordon achieve its stated aim of becoming a top consumer brand by acquiring Pannone?
The past five years have not been easy for Addleshaw Goddard. The firm’s revenue fell 7 per cent from £173.1m to £161.9m between 2008/09 and 2010/11 and despite finances looking up in 2011/12, when Addleshaws reported a 30 per cent increase in net profit, it has shown no notable compound growth in turnover since 2007/08.