Ardova Plc completes 100% acquisition of Enyo retail outlets

Ardova takes over Enyo

Ardova Plc, an indigenous energy company, says it has acquired a 100 percent equity stake in Enyo Retail and Supply Holding in a share purchase agreement. Ardova Plc (formerly Forte Oil PLC) is an indigenous energy group, headquartered in Lagos, Nigeria, with extended operations in Ghana. It operates majorly in the downstream sector of the Nigeria’s Oil and Gas industry, but has diversified its businesses into other sectors of the energy value chain.

The downstream division specialises in the distribution of a wide range of petroleum products; Premium Motor Spirit (PMS), diesel, aviation fuel, kerosene, as well as a range of lubricants for various automobiles and machines; distributed mostly to the automobile, industrial, aviation and marine markets.

A share purchase agreement is an agreement or the sale and purchase of a stated number of shares at an agreed price. Oladeinde Nelson-Cole, Ardova’s company secretary, made this known in a corporate filing on the Nigerian stock exchange group limited on Tuesday. The company notified its shareholders that the transaction is a share purchase agreement by both parties without stating further details. “This announcement follows the execution of a share purchase agreement by the parties,” Ardova said in a statement.

“The parties are committed to closing the transaction, in accordance with the share purchase agreement, as soon as agreed closing conditions are satisfied, and regulatory approval is received.”

In January, the company said it would retain Enyo branded stations after the deal and operate side by side with the AP brand.

The company said Stanbic IBTC Capital Limited and Banwo & Ighodalo acted as financial and legal advisers respectively to AP, while Rand Merchant Bank and Herbert Smith Freehills Paris LLP acted as financial and legal advisers to Enyo and certain of its shareholders.

Enyo currently operates over 90 stations across Nigeria attending to over 100,000 retail customers daily across 15 states of the country, according to information released by the company.

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