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Nigeria: Seven Energy gets $255m boost from Singapore, IFC
The increasingly gas-focused Seven Energy has secured an additional $255m equity investment after selling 26% of the company to Singapore government-owned investment company Temasek and the World Bank’s International Finance Corporation (IFC). Temasek has invested $150m in return for a 15.6% stake in Seven, while the IFC committed $75m. The IFC’s African, Latin American and Caribbean Fund also invested a further $30m for Seven’s irredeemable convertible, coupon-less loan notes, which the company says are akin to equity, taking the IFC’s total share to 10.4%. The new injection of funds takes Seven Energy’s market capitalisation to almost $1bn.
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