De Raj Group AG executed a Heads of Agreement to acquire the Phoenix MMEER Group (USA and Nigeria)
Cologne, 26 April 2019:
De Raj Group AG, Cologne, (ISIN: DE000A2GSWR1, Vienna Stock Exchange - Wiener Börse), is pleased to announce the execution of a Heads of Agreement to acquire 100% of the equity interests in Phoenix MMEER II LLC, USA Phoenix MMEER III LLC, USA and Phoenix MMEER III Limited, Nigeria ("Phoenix MMEER Group"). Collectively these entities own and operate 13 lift boats in Nigeria, serving some of the top oil and gas companies in the region. The deal is structured as a part upfront consideration and part earnout model.
While commenting on the deal, Mr. Nagendran Nadarajah, the Chairman of the Management Board, said "Acquisition of these vessels is a strategic fit to our growth plans and strengthens our position as a leading Energy Equipment Supplier. Having known and worked successfully in the past with Mike Mullen gives me the confidence in the ability of the team to deliver on their commitments".
Blake Stamper, the Manager of Phoenix MMEER Group said "Working with De Raj Group will give us the strategic exposure we need to the European capital markets which will help us expand our presence in this region and beyond".
Mike Mullen, the Operating Manager of Phoenix MMEER Group said "I enjoyed working with Nagendran in the past and fully appreciate his capabilities to take the Phoenix MMEER Group to the next level. I am looking forward to working with him on this project".
About the De Raj Group:
The De Raj Group AG is listed in the market segment "Standard Market Auction" on the EU-regulated market (Amtlicher Handel) of the Vienna Stock Exchange (Wiener Börse) since Feb 8th, 2018. The shares are also listed since March 23rd, 2018 at the Open Market in Frankfurt / Main and at XETRA of Deutsche Börse AG.
The De Raj Group is strong in the Oil & Gas sector and Power Generation sector, where it owns and operates strategic equipment/facilities in both of these sectors which are provided on mid- to long-term lease to the market. In the Power sector, it was involved in both conventional power generation and CHP (Combined Heat and Power) generation. The Group is embarking on an international expansion plan in the Middle East and the Asia Pacific region.
The Oil & Gas division of the Group provides specialist services supported by IP patents for the full spectrum of the upstream Oil & Gas supply chain, particularly in the South East Asian region. The Group owns a diversified portfolio of assets comprising jack-up rigs and topside equipment. These jack-up rigs, with the readily available equipment can be modified quickly to suit client requirements for offshore facilities in the development of marginal fields, including as well enhancement of production in producing fields. This supports very well Oil companies desire for early monetisation of hydrocarbon with cost effective solutions.
For further information:
De Raj Group AG
Issuer: De Raj Group AG
Phone: +49 221 299 85 07
FAX: +49 221 299 85 08
mailto: [email protected]
Stock market: Vienna Stock Exchange, Standard Market Auction
Deutsche Börse, XETRA and Open Market
Index: WBI Wiener Börse Index (All Share Index Vienna Stock Exchange)
26.04.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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