Connect with us

Merger and Acquisition

Shell to Acquire Nigerian Solar Energy Provider, Daystar Power

Subject to regulatory approval, Shell Petroleum Development Company is set to acquire Daystar Power.

Published

on

Shell

Subject to regulatory approval, Shell Petroleum Development Company is set to acquire Daystar Power.

Daystar Power, which is one of the leading providers of hybrid solar power solutions to commercial and industrial (C&I) hubs in West Africa, announced the potential acquisition in a press release. 

According to the energy provider, the acquisition will help Daystar Power to continue its growth in West Africa while expanding its presence to other African countries in East and Southern Africa. 

The Lagos-based company has a target to increase its installed solar capacity to 400MW by 2025. 

Daystar Power currently has an installed solar capacity of 32 Megawatts (MW).

This could make Daystar Power to become one of Africa’s leading providers of solar power solutions for commercial and industrial businesses.

The Chief Executive Officer of Daystar, Jasper Graf von Hardenberg disclosed that Daystar Power needed more capital to expand operations to meet the rising demand for solar energy and the choice of Shell as the new parent company comes at the right time. 

Jasper further stated that Shell’s strong balance sheet and long history in Africa will help to take Daystar to a new height.

On the other hand, Shell’s Executive Vice-President, Renewable Generation, Thomas Brostrøm noted that the deal will be Shell’s first power acquisition in Africa. 

He noted further that the deal is a fundamental step for Shell in growing its presence in the emerging power market. 

“We have had a long and established presence in West Africa and with Daystar Power, we are taking our first steps into the renewable power space,” he said.

“Daystar Power has a loyal customer base and a promising growth outlook, and by combining our efforts and expertise, I believe we can make a real difference in the energy transition, for West Africa and beyond.” Shell’s Executive Vice-President concluded.

Investors King learnt that Daystar Power currently has a presence in Nigeria, Ghana, Senegal and Togo. The company also received $20 million in funding last year to boost its operations.

 

Continue Reading
Comments

Merger and Acquisition

Elon Musk Completes Twitter Acquisition, Fires CEO, CFO, and Legal Adviser

Elon Musk completed Twitter’s $44 billion takeover last night, he immediately fired an executive director reported to have spearheaded Donald Trump’s suspension on Twitter.

Published

on

Twitter - Investor sking

As the world’s richest man, Elon Musk completed Twitter’s $44 billion takeover last night, he immediately fired an executive director reported to have spearheaded Donald Trump’s suspension on Twitter.

Sources revealed that Elon Musk accused Chief Executive Parag Agrawal, Chief Financial Officer (CFO) Ned Segal, and a few other top members of the microblogging platform of misleading him over the number of bots and fake accounts on the platform. 

It will be recalled that Musk had initially backed out of the acquisition deal after he alleged misrepresentation of fake accounts. 

This, therefore, led to a legal battle between Musk and Twitter Inc.

After the acquisition was completed late Thursday, Musk who is the CEO of electric vehicle manufacturing company, Tesla tweeted “The bird is freed”, subtly referring to the Twitter Logo.

With the complete takeover of Twitter, analysts and observers have expressed their expectation to see a change in the operational modality of the company. 

Similarly, the new owner, Elon Musk has also mum some changes which include the reactivation of the Former U.S President’s account which was suspended for inflammatory tweets. 

Twitter had accused Donald Trump of instigating violence with his tweet which led to the attack on U.S Capitol. 

Investors King had earlier reported that Elon Musk intends to take a number of measures which include the reactivation of Donald Trump’s Twitter account to turn the fortune of the company around. 

Before the suspension, the former president has one of the most engaging Twitter handles on the platform. 

Meanwhile, Elon Musk has set out a very ambitious transformation for his new company ‘Twitter”. He indicated that he will transform the platform into a “super app” which offers several things from money transfer to shopping and ride-hailing. 

Already, the social media giant is reportedly planning to integrate a cryptocurrency wallet that will support both the deposit and withdrawal of digital assets. 

In addition, Twitter also enables Bitcoin wallet address which allows Twitter users to attach their Bitcoin address to their profile. 

Continue Reading

Merger and Acquisition

Strategic Capital Investment Ltd Acquires Polaris Bank for N1.355 Trillion

The Central Bank of Nigeria (CBN) has completed the sales of Polaris Bank to Strategic Capital Investment Limited (SCIL), a new core investor.

Published

on

Polaris Bank

The Central Bank of Nigeria (CBN) has completed the sales of Polaris Bank to Strategic Capital Investment Limited (SCIL), a new core investor.

In a statement signed by Osita Nwanisobi, Director of Corporate Communications, SCIL has acquired 100% equity in Polaris Bank.

According to the statement, SCIL paid N50 billion to acquire the equity and has accepted the terms of the agreement which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected into the bridge bank through AMCON, to be repaid over a 25-year period.

Explaining the reasons for the sales, the CBN said it will prevent the imminent collapse of the bank, enable its stabilisation and recovery, protect depositors’ fund, prevent job losses and preserve systemic financial stability.

Commenting on the transaction Mr. Godwin I. Emefiele, Governor of the Central Bank of Nigeria said: “This sale marks the completion of a landmark intervention in a strategic institution in the Nigerian banking sector by the CBN and AMCON.

“We commend the outgoing board and management for their vital role since the bridge bank was established; in stabilising the Bank’s operations, its balance sheet and implementing strong governance structures to address the issues that led to the intervention.

“This process has provided the CBN with an unprecedented opportunity to recover its intervention funds in full and promote financial stability and inclusive growth. We wish SCIL well as they implement growth plans to build the bank from the strong foundations that have been established.”

Divestment Committee (the ‘Committee’) comprising representatives of the CBN and AMCON, and advised by legal and financial consultants. The Committee conducted a sale process by ‘private treaty’, as provided in Section 34(5) of the AMCON Act to avoid negative speculations, retain value and preserve financial system stability.

Continue Reading

Merger and Acquisition

MTN Plans to Acquire Telkom Impeded Following A Rival Proposal From Another Telecom Company

Ongoing discussions between MTN Group, Africa’s largest telecommunications company, and South African mobile network operator, Telkom for possible acquisition have been halted as a rival network, Rain Network submitted a merger proposal to Telkom.

Published

on

MTN seeks

Ongoing discussions between MTN Group, Africa’s largest telecommunications company, and South African mobile network operator, Telkom for possible acquisition have been halted as a rival network, Rain Network submitted a merger proposal to Telkom.

In July, MTN entered talks with Telkom about a possible acquisition of its company. The two companies, in a joint statement, said: “Shareholders are advised that MTN Group Limited (MTN) and Telkom have entered into discussions in relation to MTN acquiring the entire issued share capital of Telkom in return for shares or a combination of cash and shares in MTN”.

Telkom went on to further state that the discussions about the possible acquisition were still at an early stage and that there it wasn’t guaranteeing MTN that the acquisition deal would be successful.

So after MTN’s proposal, on October 2022, Telkom came out to announce that it had received a non-binding proposal from Rain Network, a South African mobile communications company that provides voice, messaging, data, and converged services.

The proposed deal would see Telkom acquiring Rain in return for Rain getting issued shares in Telkom, which the company stated that its board was evaluating the Rain proposal.

In August, Rain initially announced that it was intending to submit a formal proposal to the Telkom board. That proposal, however, was stopped in its tracks before it even reached the Telkom board.

Rain pointed to the fact that the number of combined Rain and Telkom sites will be equivalent to those of Vodacom and MTN, a situation which would not only help break the duopoly of the two but would also result in material capital and operational cost savings for the resultant entity.

Citing anonymous sources, Bloomberg stated that negotiations about the price and other terms between MTN and Telkom had been halted for the time being, though MTN hasn’t decided to walk away from the deal.

According to Bloomberg, a spokesperson for Telkom referred to the company’s statement from October 4th, which said that MTN’s proposal was still under consideration by both parties and that shareholders should exercise caution.

Investors King understands that if the deal is later accomplished, the MTN and Telkom deal would see the creation of an entity that would be the largest mobile operator by subscribers in South Africa, overtaking MTN’s current rival Vodacom.

The move would likely raise antitrust concerns, given the number of major mobile networks in the country would be reduced to three from four, with the vast majority of subscribers controlled by the top two carriers.

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending