Addleshaw Goddard advises Seven Energy on share capital acquisition
Addleshaw Goddard’s Africa Business Group has advised Seven Energy International on its acquisition of the entire issued share capital of East Horizon Gas Company from Oando for a total consideration of up to $250m (£150m).
The deal closed on 31 March 2014 and will reportedly strengthen Seven Energy’s position as a leading independent gas marketing and distribution company in the south-east Niger Delta region of Nigeria. Its gas pipeline network in the region now stands at more than 260km long.
The Addleshaw Goddard team advising Seven was led by corporate partners Guy Winter and Angus Rollo and also included head of energy Richard Goodfellow on gas offtake issues and banking partner John Cutler on the acquisition finance for the transaction.
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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.