Afreximbank has disbursed a facility of 975 million dollars to finance part of the management buyout of Oryx Energies. The statement issued on 28 October confirms the transfer of funds, going beyond a simple approval of financing.
The deal concerns Oryx Energies SA, the holding company of Addax Energy SA. According to the bank, it brings the group under majority African control. Afreximbank is the sole lender and also acts as facility agent and security agent.
The industrial scope goes beyond petrol stations. Oryx supplies, stores and distributes fuels, liquefied petroleum gas and lubricants. The group also offers bunkering services to maritime operations and says it meets the energy needs of more than twenty countries.
Moussa Diao, chief executive of Oryx Energies, links this change in ownership to the continued development of trading and energy infrastructure in Africa. The figure of 975 million dollars corresponds to the partial financing announced by the bank, not to a published total valuation of the acquisition.