M&As this week: Swala Oil & Gas, Gunpowder Capital

Swala Oil & Gas, through its wholly owned subsidiary Swala (PAEM) Limited (Swala PAEM), has signed an agreement to acquire 40% stake in PAE PanAfrican Energy Corporation (PAEM) from Orca Exploration Group for $130m.

The acquisition is expected to strengthen Swala’s business operations.

Both Swala and Orca Exploration are oil and gas companies based in Tanzania.

Gunpowder Capital has divested its stake in Advantagewon Oil for C$0.45m ($0.36m).

The acquirer company purchased three million shares in the target company by transferring 45,000 Class A preferred shares of Gunpowder.

Gunpowder Capital is a Canadian merchant banking and advisory services firm, while Advantagewon is an oil and gas company also based in Canada.