Carlyle Faces Gabon’s Preemption in $1.3bn Assala Energy Deal

Gabon’s national oil firm is seeking to use its right of first refusal to acquire Carlyle’s (CG.O) Assala Energy after the private equity giant agreed to sell the business for $1.3bn to France’s Maurel & Prom, three sources told Reuters.

Gabon Oil Company (GOC) last week sent Carlyle International Energy Partners (CIEP) a letter informing it wanted to preempt Maurel & Prom’s (MAUP.PA) deal, exercising a right it has under local law, three sources close to the deal said.

GOC has held talks with at least two international trading houses to finance the deal, but so far no financing plan has been agreed, the sources said.

GOC and a government spokesperson did not respond to requests for comment. Maurel & Prom did not respond to a request for comment. Carlyle declined to comment.

Maurel & Prom agreed in August to acquire Assala Energy for $730m, a deal which included rolling over a $600m credit facility.

The current deal is expected to be completed early next year.

Get the week’s top news delivered directly to your inbox – Sign up for our newsletter

Gabon Oil Company (GOC) is the national oil company of Gabon, responsible for exploring, developing, and producing oil and gas resources in the country. GOC is a key player in the Gabonese economy, accounting for a significant portion of the country’s GDP and export earnings. The company has a long history, dating back to the early days of Gabon’s oil industry in the 1970s.

Assala Energy is an oil and gas exploration and production company headquartered in London. The company operates in Gabon, where it holds a portfolio of onshore and offshore assets.

Maurel & Prom is a French oil and gas exploration and production company with operations in Africa, Asia, and Europe. The company is a major player in Gabon’s oil industry, and it has been expanding its presence in the country in recent years.

Source: Reuters

Can’t stop reading? Read more