Bank of America Securities appointed as transaction advisor for Aker deal

• The government has settled on a transaction advisor for its Aker deal

• The Bank of America Securities will provide fairness opinion/independent valuation as well as a general advisory service

• The government hopes to acquire 37% interest in the Deep Water Tano Cape Three Points (DW/CTP)

The Bank of America Securities (BofA) has been appointed as the transaction advisor for government’s planned

Read full article.acquisition of 37% interest in the Deep Water Tano Cape Three Points (DWT/CTP) concession.

The concession is operated by Aker Energy Ghana Ltd.

The government also wants to acquire a 70% stake in the South Deepwater Tano (SDWT) operated by AGM Petroleum Ghana Ltd, in line with its new upstream sector policy, reports assaseradio.com.

So far, both cabinet and parliament have approved this move of facilitating the commencement of negotiations between government, Aker Energy and AGM.

Explaining why the choice of Bank of America Securities, the report stated that it is due to the bank’s track record as one of the world’s leading financial institutions, with proven expertise in notable international landmark oil and gas transactions.

Also, it is because of its reputation as one of the world’s leading investment banks and advisory companies, with a global presence, it added.

With a timeline ending in the third-quarter of the year, the Ministry of Finance requested and gained approval from the Public Procurement Authority (PPA) to recommend and procure the services of BofA Securities as transaction advisors.

This was done through a single sourcing, and valid until December 31, 2021, during which time the bank will be required to provide a fairness opinion/independent valuation as well as a general advisory service on the transaction, the report added.