Mercuria Energy Holdings SA has acquired a 17% stake in Nigeria's Forte Oil Plc for $200 million.
Mercuria's investment in Forte Oil, a petroleum marketing behemoth, will improve the Nigerian company's working capital to further boost its growth in the downstream sector, upstream services, power generation, and upstream exploration.
The deal, already approved by the Nigerian Stock Exchange and the Securities and Exchange Commission (SEC), is anticipated to make Forte Oil Africa's top integrated energy solutions provider.
Mercuria, a Swiss oil trading firm, is "joining forces with Forte Oil at an auspicious time when equitable funding and expertise is needed to expand and intensify its market penetration to give the company the leverage to further create a positive impact for all shareholders," Forte's press statement read.
Read the full story at Forbes.