Ardova-led consortium to acquire 100% of Powergas, Africa's top CNG producer
A.P. Moller Capital-backed consortium led by Ardova Plc has agreed to acquire all of Powergas, which outlets describe as Africa's largest CNG producer, as part of a plan to expand CNG refuelling infrastructure in Nigeria.
What happened
A.P. Moller Capital, via its Africa Infrastructure Fund I and Impala Energy Holdings, announced an agreement for a consortium led by Ardova Plc, including Diadem Energy, to acquire 100% of Powergas Global Investments Nigeria Limited and Powergas Ebedei Limited, together called Powergas.23
Powergas is described in the coverage as Africa's largest CNG producer.23
The acquisition is aimed at expanding CNG business, with plans to establish 100 refuelling sites within 24 months.1
The consortium acquiring Powergas includes Diadem Energy alongside Ardova Plc.2
The acquisition is intended to expand the buyer's CNG business.1
Plans include establishing 100 CNG refuelling sites within 24 months.1
Key points
- A.P. Moller Capital, through its Africa Infrastructure Fund I and Impala Energy Holdings, announced an agreement under which a consortium led by Ardova Plc will acquire 100% of Powergas, comprising Powergas Global Investments Nigeria Limited and Powergas Ebedei Limited.23
- Powergas is described as Africa's largest CNG producer.23
What the coverage leaves out
- None of the outlets reviewed reported the financial value of the deal.
- None of the outlets reviewed reported when the transaction is expected to close.
- None of the outlets reviewed included comment from Powergas or regulatory bodies.
Sources (3)
Every outlet we drew on, grouped by where it is based. Read the originals for the full reporting.
Africa
- 1PunchNGPrivate
- 2NairametricsNGPrivate
Ardova Plc-led consortium to acquire 100% of powergas, africa’s largest cng producer
- 3BusinessDayNGPrivate
Ardova-led consortium to acquire 100% stake in Powergas, Africa’s largest CNG producer