Zener International Holding (ZIH), a group specializing in the energy sector, has successfully raised CFA 13.5 billion in financing to acquire the strategic assets of Petrogal Guinea-Bissau and its subsidiaries.
The transaction was structured and raised by EDC Investment Corporation (EIC), the investment and capital markets division of Ecobank.
This deal supports ZIH in acquiring the Portuguese group Galp Energia’s stake in Petrogal Guinea-Bissau. As part of a strategic refocus on its more profitable, low-carbon activities, Galp is gradually withdrawing from certain African markets, a trend that is creating opportunities for local players. The acquired assets in Guinea-Bissau include a network of service stations, strategic fuel and gas depots, and aviation storage facilities. These assets are held by Petromar (import and distribution of fuels and lubricants), Petrogas (LPG storage and filling), and CLC GB (storage and transportation of petroleum products).
According to Paul-Harry Aithnard, Ecobank’s UEMOA Regional Executive Director, “this transaction reflects our commitment to supporting visionary African companies capable of carrying out structuring projects in key sectors.” He added that by facilitating this takeover, the banking group is affirming its role as a catalyst for the continent’s economic transformation, particularly in the energy sector.
Jonas Aklesso Daou, Chairman of ZIH, emphasized the strategic importance of the acquisition. “Acquiring Petrogal GB’s assets not only establishes a lasting foothold in a high-potential market but also embodies a vision: that of controlled, locally invested, and forward-looking energy,” he said.
The financing, which was arranged in local currency in syndication with several regional banking institutions, will be used to finalize the acquisition and fund post-acquisition investments. Roselyne Abé, Managing Director of EDC Investment Corporation, stated that this approach helps to “strengthen the regional anchoring of financing solutions” and promotes “more dynamic, interconnected, and sovereign African capital markets.”
The bank leveraged its regional expertise to design a consortium of African guarantors, ensuring the robustness of the transaction. The acquisition is part of a broader restructuring of the African energy sector, marked by the gradual withdrawal of international majors in favor of local African companies.
AP/Sf/fss/abj/APA