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Merger and Acquisition

Africa’s Leading HealthTech, Helium Health Acquires GCC-based Doctor Booking Platform, Meddy Inc

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Helium Health, the leading healthcare technology provider in Africa, is delighted to announce it has completed the acquisition of Meddy Inc., the GCC- based doctor booking platform, which has operations in Qatar and the U.A.E.

Helium is building the digital infrastructure to power world-class healthcare services, across Africa and the Middle East. The transaction is in line with Helium’s strategy to expand in Africa first – where the company is present in Nigeria, Ghana, Liberia, Senegal, Kenya, and Uganda and then move into wider emerging markets.

Healthcare in the GCC is set to grow rapidly. Investment in digital infrastructure will account for 30 percent of healthcare investment in the region between 2023 to 2030.

Meddy’s platform and outstanding management team complement Helium’s business model and ideally positions Helium to service the GCC healthcare market. Meddy’s Chief Executive Officer – Haris Aghadi, and Chief Operating Officer – Abed Alkarim Khattab, will join Helium’s leadership team and play integral roles in Helium’s execution of its GCC strategy and operations.

The transaction will see Helium deploy its Electronic Medical Records (EMR) technology and healthcare financial solutions across the GCC healthcare market. Whilst the GCC’s healthcare market is more mature than Africa’s and has a higher technology penetration, the technology present in the region is more siloed. All regional stakeholders will benefit from Helium’s robust and interconnected suite of Digital Health products.

These products include healthcare provider management (via Helium EMR), patient-provider and revenue cycle management platforms (via HeliumDoc), and data analytics services.

Adegoke Olubusi, Chief Executive Officer of Helium Health, said: “We are delighted to complete this transaction which is perfect for Helium Health. Our business model has primarily been robust organic growth, but we always remain open to strategic acquisition opportunities. Meddy is an ideal complement to our existing business model; the right company, in the right location, at the right time.

“We will be leading the HealthTech revolution in MEA. In Qatar, UAE and KSA, a great market opportunity exists to work with care providers to improve patient interaction, make healthcare data more interoperable, and to improve revenue cycle management. I am excited to welcome Haris and his team to the Helium Health family and look forward to many years of fruitful collaboration.”

Haris Aghadi, Chief Executive Officer of Meddy Inc., commented:

“Joining Helium is a perfect next chapter for Meddy as it enhances our mission to help patients make informed health decisions. Our goal has always been to provide technology to all the stakeholders across the value chain and joining forces gets us there faster.

“There is a strong synergy between our products, teams and markets. Combining Meddy’s marketing solutions with Helium’s clinical solutions will add tremendous value to our customers and transform healthcare in the Middle East and Africa.”

Founded in 2016, Helium uses proprietary technology and data to empower healthcare providers to make better decisions, operate more efficiently, and improve patient outcomes. Wider healthcare stakeholders also benefit from Helium’s data-driven insights, leading to optimum resource allocation and oversight.

Helium has grown rapidly to date in Africa, solving the continent’s problems of fragmented markets, paper-based systems and unreliable data. It has signed 500+ healthcare facilities, 7,000+ medical professionals and facilitates 300,000+ patient visits each month. Helium’s customers also include the most reputable private & public healthcare institutions in West Africa.

Helium is led by a brilliant and talented management team with many years of combined experience in technology and healthcare. Chief Executive Officer and co-founder, Goke Olubusi, formerly of Goldman Sachs, is one of Africa’s most innovative entrepreneurs and has received multiple awards from the likes of Chevron, Northrop Grumman, Maryland State, Lockheed Martin and others.

Helium’s co-founders include Dimeji Sofowora – Chief Financial Officer, and formerly of Goldman Sachs, and Tito Ovia – Head of Public Sector Growth, who has assisted organizations such as Orbis and Lagos State AIDS Control Agency to help people access better quality healthcare.

The transaction is not subject to any further regulatory clearances.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Merger and Acquisition

Moody’s Acquires 100% Stake in GCR Ratings

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Global Credit Rating Company Limited (GCR) is pleased to announce that Moody’s Corporation (NYSE: MCO) has increased its stake in GCR to 100%, following a 51% acquisition in 2022.

GCR is a leading credit rating agency in Africa with a broad geographic footprint that includes South Africa, Nigeria, Senegal, Kenya, and Mauritius.

GCR’s 28-year proven track record and successful domestic operations across the African continent, together with Moody’s international expertise represents a unique opportunity to contribute to the development of capital markets and the wider economies across Africa. GCR expects this acquisition will further solidify its position as a leading provider of quality, objective and independent credit opinions in African markets.

Commenting on the acquisition, Marc Joffe, Chief Executive of GCR, said,

“The full acquisition of GCR by Moody’s is an important milestone that will enable us to build on our deep local market insights and over a quarter century of growth across the African continent. It will also provide the opportunity to further develop solutions that meet a range of customer needs, including credit ratings, credit risk solutions, and ESG (environmental, social and governance factors) capabilities”.

Following the acquisition, GCR will continue to use its own ratings methodologies, issue its own credit ratings and maintain a separate management team.

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Merger and Acquisition

Oando Secures 100% Stake in Nigerian Agip Oil Company, NUPRC Announces

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Oando PLC has completed the acquisition of 100% of the shares of Nigerian Agip Oil Company Limited (NAOC Ltd).

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed the completion of the deal on Wednesday.

NUPRC Chief Executive, Engineer Gbenga Komolafe, made the announcement at the ongoing Oil and Gas Energy Week in Abuja, a significant event sponsored by the Nigerian National Petroleum Company (NNPC) Limited and other industry stakeholders.

The acquisition marks a significant milestone for Oando, a leading indigenous energy solutions provider, solidifying its position in Nigeria’s oil and gas sector.

“This acquisition is a testament to Oando’s commitment to expanding its footprint in the upstream sector,” said Komolafe. “The divestment agreement with ENI, which includes the full acquisition of NAOC Ltd, has been successfully finalized, and we look forward to the signing ceremony in the coming days.”

The NAOC deal is part of a broader wave of acquisitions and divestments within Nigeria’s oil industry, reflecting a dynamic shift in the sector.

Alongside Oando’s acquisition, other major transactions include Equinor’s completed deal with Project Odinmin and the ongoing due diligence for Shell Petroleum Development Company of Nigeria Limited’s (SPDC) transaction with the Renaissance Consortium.

Seplat Energy Offshore Limited is also advancing its proposed takeover of ExxonMobil Nigeria’s offshore shallow water operations, pending ministerial consent.

Oando’s acquisition of NAOC significantly boosts its operational capacity, increasing its participating interests in key Oil Mining Leases (OMLs) from 20% to 40%.

This strategic move not only enhances Oando’s production capabilities but also positions the company to leverage new opportunities in Nigeria’s oil-rich regions.

The NUPRC has emphasized the importance of adhering to regulatory frameworks to ensure smooth transitions and protect national interests.

Komolafe highlighted that while divestments are the right of investors, they must be conducted within the rule of law and best practices to avoid the pitfalls experienced by other countries.

“Countries like Brazil, Canada, and the UK have faced challenges with divestments that were not well-managed,” Komolafe noted. “We aim to avoid similar issues by ensuring that divestments in Nigeria are carried out with thorough due diligence, safeguarding financial capacity, technical capability, and environmental responsibilities.”

Oando’s acquisition aligns with Nigeria’s broader energy strategy, which includes diversifying its energy portfolio and attracting foreign investment.

The country is also focusing on becoming a hub for green hydrogen production, leveraging its abundant solar radiation to support Europe’s energy needs.

As Oando takes the helm of NAOC, the company is expected to drive initiatives that enhance oil production and contribute to sustainable energy solutions.

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Merger and Acquisition

Exxon Mobil’s Sale to Seplat Progresses After NNPC Drops Legal Challenge

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The Nigerian National Petroleum Corporation (NNPC) has withdrawn its legal challenge against Exxon Mobil Corp.’s sale of its oil and gas assets to Seplat Energy Plc.

This decision eliminates a major obstacle that had stalled the completion of the $1.3 billion deal.

The NNPC submitted an application to the high court in Abuja to discontinue the case, as confirmed by its legal firm, Afe Babalola, in an email on Thursday.

This move follows an agreement reached last month between NNPC and Exxon Mobil to finalize the transaction under undisclosed terms.

However, court documents reviewed by Bloomberg reveal that NNPC retains the right to resume its legal challenge if the settlement terms are not honored.

The sale, initially signed in February 2022, still requires approvals from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which has set an August deadline, and from Nigerian President Bola Tinubu.

The NNPC’s withdrawal significantly advances the deal but does not mark its final hurdle.

The addition of Exxon Mobil’s blocks will significantly enhance Seplat’s portfolio, almost quadrupling its output to over 130,000 barrels per day.

This acquisition is set to bolster Seplat’s status as one of the leading suppliers of domestic gas to Nigerian power plants, fortifying its influence in the region.

In a parallel development, Shell Plc’s divestment of its Nigerian onshore oil business to a consortium of local firms, valued at over $1.3 billion, also awaits regulatory approval after being announced in January.

Both deals highlight the ongoing restructuring and consolidation within Nigeria’s oil and gas industry, aimed at increasing efficiency and local participation.

As Nigeria navigates these substantial industry shifts, the successful completion of the Exxon Mobil-Seplat deal will be a critical indicator of the nation’s ability to manage large-scale energy transactions.

It will also set a precedent for future agreements and regulatory processes in the country’s vital oil and gas sector.

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