French hydrocarbon producer Maurel & Prom announces the purchase of oil company Assala Energy for $730 million. This acquisition strengthens the Group’s position in Gabon.
Maurel & Prom acquires Assala Energy for $730 million
The French company announced in mid-June that it had entered into “advanced discussions”, without disclosing the amount of the transaction. Maurel & Prom will acquire 100% of the shares of Assala Energy Holdings and all its subsidiaries in Gabon from the international investment company Carlyle.
Assala is a +onshore active+ oil company in Gabon, “which has become one of the leading independent oil exploration and production companies in West Africa”, with production of around 45,000 barrels per day in 2022, Carlyle pointed out in a separate statement.
Maurel & Prom claims to be financing the $730 million acquisition with low-cost debt.
Business complementarity and prospects after the acquisition
The Group plans to finalize the transaction between the fourth quarter of 2023 and the first quarter of 2024.
Assala’s assets are complementary to Maurel & Prom’s activities in Gabon, argues the French producer: “The transport and storage infrastructures acquired include the Gamba oil terminal and the pipelines connected to it, which will enable Maurel & Prom to control the transport and distribution of all its production in the country”, stresses the group.
At the end of 2022, Maurel & Prom employed a total of 707 people, 90% of them in Africa, while Assala Energy had 520 employees.
