WED 17 NOV, 2021-theGBJournal- Ardova PLC, Nigerian leading indigenous and integrated energy company, has acquired 100% equity stake in Enyo Retail and Supply Limited (Enyo). The acquisition puts Ardova Plc in a dominant position in the Nigerian downstream sector of the oil and gas industry.
It follows earlier notification to the Nigerian Exchange Limited (NGX), the investing public and its shareholders and the announcement of intent (14 June 2021) of the execution of a share purchase agreement to acquire the 100% equity stake in Enyo.
“We are pleased with the successful conclusion of this transaction which will provide significant synergies by combining Enyo’s retail outlets and the Company’s retail operations. It will also strengthen the quality of earnings for the Company. The acquisition is another step towards our broader vision of becoming the leading brand in the downstream petroleum sector,” Mr. Olumide Adeosun, CEO of the Company said of the transaction.
Ardova said today that the acquisition was completed through a wholly owned subsidiary of the Company, Bags and Kegs Limited, and ‘’with effect from today, Enyo is now a wholly owned subsidiary of the Company.’’
Stanbic IBTC Capital Limited and Banwo & Ighodalo advised Ardova while Rand Merchant Bank and Herbert Smith Freehills Paris LLP acted as financial and legal advisers respectively to Enyo.
Enyo is a fast-growing technology driven fuels retailing company in Nigeria with offices in Lagos and five other states.
According to Ardova ‘’the acquisition will lead to stronger downstream energy group that benefits from the increased customer reach and service delivery. It is further expected to produce stronger financial results for the Company.’’
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