PAC Capital Finalizes $443m Deal with Etu Energias to Acquire Galp’s Share in Offshore Angola Blocks

This acquisition significantly enhances Angola's energy security by enabling domestic enterprises to assume ownership of strategic petroleum assets, thereby fortifying the nation's energy sector.

Signatory Parties of the deal on the sidelines of the 31st Afreximbank Annual Meetings (AAM) and the 3rd AfriCaribbean Trade and Investment Forum (ACTIF) in Nassau, Bahamas

PAC Capital Limited (“PAC Capital”), the investment banking division of PanAfrican Capital Holdings, is pleased to announce the successful completion of a $443 million Acquisition Facility for Etu Energias. This significant transaction involves the acquisition of Galp’s stake in Block 32, Block 14, and Block 14K offshore Angola. This transaction follows the recent completion of a $3.3 billion pre-export facility in Nigeria by PAC Capital..

Humphrey Oriakhi, Managing Director of PAC Capital, conveyed his enthusiasm regarding the transaction. He highlighted the significance of this opportunity for an African company to venture into these strategic assets, which were previously dominated by International Oil Companies (IOCs). This development offers a substantial advantage in securing majority stakes.

Bolarinwa Sanni, Senior Director at PAC Capital, also highlighted the strategic importance of this acquisition: “This deal is not just a significant milestone for Etu Energias but also a transformative step towards strengthening local ownership and control of key energy assets in Angola. We are proud to have facilitated this landmark transaction.”

The acquisition, concluded during the 31st Afreximbank Annual Meetings (AAM) and the 3rd AfriCaribbean Trade and Investment Forum (ACTIF) in Nassau, Bahamas, encompasses Galp's non-operating interests: a 5% stake in Block 32, a 9% stake in Block 14, and a 4.5% stake in Block 14K.

“The close collaboration between the different parties was fundamental to the success of this business, which represents Etu Energias’ entry into deepwater oil production. The conclusion of this Transaction demonstrates the resilience of our company and represents a huge step in our strategy to build a profitable and diversified portfolio.” said Edson R. Dos Santos, Etu Energias´s Chairman and CEO, who extended his deep appreciation for the support and role of PAC Capital’s in the deal: “PAC Capital’s expertise and dedication were instrumental in securing this acquisition. Their skilful strategic fund arrangement ensured the successful closure of this complex transaction, positioning us to become a leading player in Angola's oil and gas sector.”

This acquisition considerably bolsters Angola's energy security by enabling domestic enterprises to possess strategic petroleum assets, thereby fortifying the nation's energy sector. It signifies a pivotal juncture in the continuous endeavor to augment local participation and stewardship in Angola's oil and gas industry.