Maples advises on Global M&A Deal of the Year: Africa
Maples and Calder's London office acted as BVI counsel to Videocon Group on the sale of its 10% stake in a giant Mozambique gas field, to ONGC Videsh Ltd (OVL) and Oil India Ltd (OIL) for $2.475 billion. The buyers acquired 100% of the shares of Videocon Mozambique Rovuma 1 Ltd, the company holding the 10% interest in the Rovuma Area 1 offshore block, Mozambique, from Videocon Mauritius Energy Ltd. Area 1 covers approximately 2.6 million acres in the deepwater Rovuma Basin offshore Mozambique and represents the largest gas discovery offshore East Africa. This investment is expected to further enhance the strong business and cultural links between Mozambique and India. London-based partner Matthew Gilbert led the Maples and Calder team, which included Royan George.
This deal was recently awarded 'Global M&A Deal of the Year: Africa' at the 2014 American Lawyer Global Legal Awards.