Oryx Energies Sold for About $1 Billion in Management Buyout

Oryx Energies SA, an Africa-focused trader, was sold for around $1 billion in a management buyout, according to a source familiar with the deal.

Oryx Chief Executive Officer Moussa Diao and Trading Manager Herve Bouvet bought the majority of shares from founder Jean Claude Gandur, said the person who asked not to be identified because the information isn’t public.

Africa Intelligence first reported the deal. Oryx didn’t immediately return a call or email seeking comment.

Geneva-based Oryx has expanded across sub-Saharan Africa, growing operations from trading and supply to distribution over more than three decades. The continent that typically needs fuel imports to meet demand has relied on trading companies to secure supplies.