FOLLOWING the expiration of deadline to pay the 75 per cent remainder of the bid for various Power Holding Company of Nigeria (PHCN) companies, one of the bidders, West Power & Gas Limited (WPG), the Nigerian Power Investment Holding Company and preferred bidders for the Eko Electricity Distribution Company Plc (Eko Disco), announced the completion of payment for the acquisition of a 60 per cent stake in Eko Disco.
The balance payment of $101.25 million was made to beat the deadline as set by the Bureau of Public Enterprise (BPE), having paid the initial 25 per cent deposit of $33.75 million earlier.
The total transaction value for the acquisition of 60 per cent stake in the company is $135 million.
The company said it had risen close to $500 million in equity and debt financing to fund the acquisition of the Eko Disco and the significant rehabilitation and transformation work required to improve distribution network infrastructure and operations.
Meanwhile, the company said $250 million had been allocated to rehabilitation, while an additional $48 million was earmarked towards a power purchase agreement with Nigerian Bulk Electricity Traders (NBET).
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