Mergers & Acquisitions | |
Mergers & Acquisitions | |
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Wednesday, January 13, 2021 / 10:16 AM / NSE / Header Image Credit: Ecographics
Ardova Plc ("AP"), a leading Nigerian integrated
energy company, and the shareholders of Enyo Retail and Supply Limited ("Enyo")
have entered discussions relating to AP acquiring Enyo.
Enyo is one of the newest and fastest growing
retail and supply companies in the downstream sector.
Enyo is a technologically driven player and
currently operates over 90 stations across Nigeria attending to over 100,000
retail customers daily across 15 states of the country.
This announcement is pursuant to the acceptance in
principle of AP's offer and acquisition framework by the shareholders of Enyo,
it is subject to the successful completion of a due diligence exercise and the
receipt of all required regulatory approvals.
CEO of AP, Mr Olumide Adeosun, explained that
immediately following completion, AP will look to retain the Enyo branded
stations which will operate side by side with the AP brand whilst leveraging
the strengths of AP and its group companies.
He stressed further that parties are committed to
concluding the deal by the end of Q1 2021.
Ardova Plc and Enyo Retail & Supply Limited
will provide further information on progress made on the proposed acquisition.
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