Onyx Acquisition I announced that it is in advanced discussions with Helios Investment Partners about a potential business combination. Helios Energy Transition Infrastructure is focused on the development of natural gas and low-carbon energy infrastructure businesses and assets in Africa. A potential deal between the companies was first reported in November.
HETI currently owns and is developing a portfolio of strategic infrastructure assets and businesses delivering the energy transition in Africa. The portfolio spans the natural gas, LNG and power value chain comprising liquefaction, storage, regasification, pipeline infrastructure and power plants, supplying gas and power to over 200 industrial customers and utilities across Africa on a long-term contracted basis.
The transaction under consideration is expected to have an enterprise value of approximately $1 billion. Onyx is targeting a deal completion in the second half of 2023.
Onyx has a Feb. 5 termination date coming up on the calendar, although shareholders are expected to vote Jan. 26 on a proposal that would extend the deadline until Aug. 7. The SPAC has pledged to deposit up to $720,000 into trust if the full six months are required.
Onyx raised $230 million in a November 2021 IPO. Read more.
