Swiss energy group Addax & Oryx in sale talks with Emerging Capital for African downstream assets
21 Feb 2012
Swiss energy group Addax & Oryx Group has entered exclusive talks with US private equity firm Emerging Capital Partners for the potential sale of its African downstream operations, which analysts have valued between $250 million - $500 million.
China's Sinopec Group, Asia's largest crude refiner, had acquired Addax Petroleum in 2009 for $7.2 billion, but the deal did not include the trading and downstream assets. (See: Sinopec to acquire Addax Petroleum for $7.2 billion)
The sale includes the Geneva-based company's trading unit and the downstream Oryx oil and gas businesses that are present in 22 African countries.
Privately-held Addax & Oryx was founded in 1987 and operates in the upstream petroleum, bioenergy, trading, and real-estate business.
Washington-based Emerging Capital Partners focuses on investing in Africa. It is the first private equity group to raise over $1.8 billion to invest exclusively in African companies.
It has made Over 50 investments, 20 divestures, in more than 40 countries, in all major regions of the African continent.
