PwC guides Renaissance in landmark Nigeria energy deal

PwC was awarded the buy-side mandate to advise Renaissance on the acquisition of up to 100% shareholding of SPDC.

By PwC

The PwC Nigeria Deals and Tax team’s holistic advisory support enabled Renaissance Africa Energy Company Limited to be selected as the preferred bidder for the acquisition of the largest oil and gas company in Africa – The Shell Petroleum Development Company of Nigeria Limited (SPDC).

Background

PwC was awarded the buy-side mandate to advise Renaissance on the acquisition of up to 100% shareholding of SPDC. PwC acted as a mergers and acquisitions (M&A)/financial and tax advisor on all aspects of this landmark transaction. The consideration payable to Shell as part of the transaction is $1.3bn. The buyer will make an additional cash payment of up to $1.1bn, subject to regulatory approvals.

How we delivered

PwC’s Deals team provided tailored financial advisory services to Renaissance, involving buy-side financial advisory and due diligence services. M&A support on the transaction included strategic advice, stakeholder engagement, structuring advice and project management. The due diligence services included financial, tax, human resources, and environmental, social and governance diligence services.

Sustained outcome

Given our industry knowledge, our PwC team used the insights gained through the due diligence process to successfully advise Renaissance and be selected as the preferred bidder in a competitive process. The share purchase agreement (SPA) was signed on 15 January 2024. Following the successful delivery of the initial mandate, PwC has been engaged to provide post-SPA advisory services to the client during the transition phase to ensure business continuity after handover.