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DGAP-News: De Raj Group AG executed a Heads of Agreement to acquire the Phoenix MMEER Group (USA and Nigeria)

DGAP-News: De Raj Group AG / Key word(s): Offer/Letter of Intent


De Raj Group AG executed a Heads of Agreement to acquire the Phoenix MMEER Group (USA and Nigeria)


26.04.2019 / 20:00



The issuer is solely responsible for the content of this announcement.



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.
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