Deal Summary
Africa Capital Alliance (ACA), through its $570 million Cape IV Fund, recently sold shares worth ₦19.8 billion in Aradel Holdings Plc (Aradel) following the company's Listing by Introduction on the Nigerian Stock Exchange (NGX) in mid-October 2024. Executed over three days (October 13 – 15), ACA sold over 24.7 million shares at an average price of ₦802.99 per share. This sale was conducted at a premium to Aradel’s listing price of ₦702.69. ACA initially invested in Aradel in 2016, providing an $80 million convertible loan during a period of low global oil prices and local production disruptions. This loan was converted to equity in 2021, positioning ACA as the company’s largest shareholder.
Aradel operates as a fully integrated energy company in Nigeria, with activities spanning the upstream, midstream, and downstream segments of the oil & gas value chain, as well as in power and renewables. Its key asset, the OML
