Shakespeares corporate partner Keith Spedding advised Teyuteme Oil plc, based in Gibraltar and quoted on the Dusseldorf Stock Exchange in Germany, on its acquisition of West African Oil Trading Company Inc., a newly established US oil services business.
The purchase of West African, which specialises in technical support and commodity finance for companies active in the supply of fuel oil and related services in West Africa, is Teyuteme’s first acquisition.
The deal with vendor Kijani Resources Ltd, a substantial shareholder in Teyuteme, values West African at £10 million, satisfied by the issue of shares in Teyuteme.
Mr Spedding (pictured) said: “It was great to act for Teyuteme on its first acquisition. It shows Shakespeares’ capability to advise on complex cross border public company transactions.”
Teyuteme director William Redford said: “We are delighted to have acquired West African, which gives Teyuteme a foothold in a very buoyant oil services market in a part of Africa which is experiencing significant economic growth.”