(Ecofin Agency) - Old Mutual Alternative Investments, the investment arm of South African financial and insurance group, Old Mutual, has acquired a 20% stake in Seven Uquo Gas, a Nigerian-based oil and gas company. The 20% interest was acquired from LSE-listed Savannah Petroleum and the transaction was carried out through Old Mutual’s African Infrastructure Investment Fund 3. The investment targets in terms of returns and margins achieved have not been specified.
“This deal firmly supports AIIF3’s investment strategy, which targets significant influence investments across the power, transport and midstream energy sectors - three focus verticals across sub-Saharan Africa where AIIM sees the greatest disconnect between the demand for critical infrastructure and available capital for these projects,” AIIM’s West African Director, Olusola Lawson, said.
African Infrastructure Investment Managers is currently present in 80 projects in Africa through its 7 investment funds. As for the AIIF 3, it was closed in May 2019 with an amount of $320 million.