Onyx Acquisition I Seeks Another Extension to Complete a Deal

Onyx Acquisition I in a proxy filing seeks another extension that would move its deal completion deadline from Aug. 7 to Feb. 7, 2024. 

The SPAC said it continues to be in “advanced discussions” about a potential merger with Helios Transition Infrastructure, although a formal agreement has yet to be announced. The target 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.

Helios 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 had beern targeting a deal completion in the second half of 2023.

Onyx raised $230 million in a November 2021 , although redemptions have eroded the SPAC's cash. As of June 23, the trust held about $45.7 million. Read more.

Source: Onyx Acquisition I Seeks Another Extension to Complete a Deal