Further more to the announcement of 14 June 2021 whereby Ardova PLC (the “Company” or “Ardova”) notified the Nigerian Trade Minimal, its shareholders and the investing public of the execution of a share acquire agreement to get 100% fairness stake in Enyo Retail and Provide Constrained (“Enyo”), the Firm is happy to announce that the Transaction has been done and all circumstances have been happy.
The acquisition was completed through a wholly-owned subsidiary of the Enterprise, Baggage and Kegs Confined, and with effect from now, Enyo is now a wholly-owned subsidiary of the Organization. Stanbic IBTC Money Limited and Banwo & Ighodalo encouraged Ardova whilst Rand Merchant Lender and Herbert Smith Freehills Paris LLP acted as economic and legal advisers respectively to Enyo.
Enyo is a speedy-expanding technologies-driven fuels retailing organization in Nigeria with places of work in Lagos and 5 other states. The acquisition will lead to a more powerful downstream electricity group that added benefits from the increased customer arrive at and company shipping. It is more expected to make stronger economical results for the Corporation.
Ardova Plc is a Nigerian primary indigenous and integrated electricity company concerned in the distribution of petroleum goods such as petrol (PMS), diesel (Back), kerosene (DPK) and liquefied petroleum gasoline (LPG). It has an in depth community of about 450 retail shops in Nigeria and major storage services in Apapa, Lagos and Onne, Rivers Condition.
Commenting on the transaction, Mr. Olumide Adeosun, CEO of the Company stated: “We are delighted with the thriving conclusion of this transaction which will present considerable synergies by combining Enyo’s retail stores and the Company’s retail functions. It will also fortify the high quality of earnings for the Company. The acquisition is one more move in the direction of our broader vision of becoming the main brand name in the downstream petroleum sector.”
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