Oando Plc has agreed to sell 49 per cent equity stake in its midstream subsidiary, Oando Gas and Power (OGP) Limited to a new major investor for $115.8 million (about N34 billion), at the current official exchange rate of N305 per dollar. A regulatory filing at the Nigerian Stock Exchange (NSE) yesterday indicated that Oando has reached definitive agreement to sell the 49 per cent equity stake and voting rights in OGP to a Special Purpose Vehicle (SPV) owned by Helios Investment Partners LLP (Helios), a premier Africa-focused private investment firm. Upon completion, Oando will retain 49 per cent equity stake and voting rights in OGP, while the remaining two per cent would be held by a Nigerian firm. However, the agreed transaction consideration of $115.8 million is subject to the receipt of regulatory approvals and customary purchase price adjustments. OGP is widely regarded as the pioneer developer of Nigeria’s foremost natural gas distribution network and has subsequently grown to become the largest private sector gas distributor in the country. It delivers at peak, 70 million standard cubic feet per day (mmscf/d) to over 175 industrial and commercial customers via its vast gas infrastructure network. With over 260km in pipeline infrastructure built, OGP provides energy solutions primarily through three subsidiaries including Gaslink Nigeria Limited (Gaslink), Gas Network Services Limited (GNSL), and Central Horizon Gas Company (CHGC).