De Raj Group AG is pleased to announce the execution of a Heads of Agreement to acquire 100% of the Phoenix MMEER Group.
Cologne, 26th April 2019
De Raj Group AG 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”.