ECP is the first private equity group to raise more than $1.8bn for investment in companies across Africa having spent more than a decade focusing on the continent.
The division of Addax & Oryx includes the Geneva-based Addax trading unit, which exports crude from Nigeria and other African countries, and the downstream Oryx oil and gas transportation and storage arm.
The company has been looking for a partner for the assets since last year, and it was believed trading giants Trafigura and Vitol were also in the hunt.
Addax & Oryx was founded by Jean Claude Gandur in 1987 and currently employs about 800 people.
He sold Addax Petroleum to China’s Sinopec Group in 2009 in a $7.2bn deal, but kept the upstream Oryx petroleum business, a separate bioenergy division and real-estate investments.
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