Axian Group, a Malagasy-based pan-African conglomerate led by multimillionaire businessman Hassanein Hiridjee, has acquired the capital of Eydon Petroleum, Senegal’s leading operator of a diverse network of gas stations.
Eydon Petroleum, led by Dakar-based businessman John Smith, was founded in 2007 with private funds and has since grown into a leading player in the oil and gas network through its core operations, which include fuel distribution and associated services.
While commenting on the transaction, Benjamin Memmi, CEO of Axian Group, said Eydon’s acquisition aligns with Axian’s strategic expansion plans, as well as its energy transition strategy, and that the deal’s completion will broaden the conglomerate’s presence in the energy sector.
“A new adventure begins in the Teranga lands with the desire to bring Eydon Petroleum into the energy transition and make it a major player in the sector,” he said.
Following the deal, Eydon Petroleum’s operations will be integrated into Axian’s existing portfolio of energy assets.
Axian has active investments in the real estate, telecommunications, finance and energy sectors in six countries throughout the Indian Ocean and African continent.
The conglomerate is the leading solar energy producer in Madagascar. It recently announced plans to double the size of a 20-MWp solar power plant in the Ambatolampy solar field to maintain its position as the country’s leader.
In accordance with its environmental, social, and governance commitments, which are a key component of its investment strategy, Actis announced its subscription to Actis Energy-5, a $6-billion fund that it established to support energy-transition opportunities.
According to the group, the move aligns is with its pledge to support companies in the energy industry, particularly those in developing markets.
