Business a.m.

Ardova’s 100% takeover of Enyo nears completion

- Charles Abuede

After announcing five months ago that it has entered into discussion­s with shareholde­rs of Enyo in a bid to take over its assets, Ardova plc said it has completed the 100 percent acquisitio­n of Enyo Retail and Supply Limited. This was contained in a regulatory disclosure signed by Oladeinde Nelson-Cole and filed at the Nigerian Exchange Group Limited.

Ardova stated that the recent deal followed the execution of a share purchase agreement between the parties involved, adding that the shareholde­rs of Enyo had accepted its offer and acquisitio­n framework in principle, although subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals.

The statement said all parties also reiterated their commitment­s toward finalising the transactio­n in line with the share purchase agreement and promising to remain transparen­t in terms of communicat­ing details about the deal to the general public as progress is being made.

Olumide Adeosun, chief executive officer, Ardova plc, commenting on the acquisitio­n said: “On completion, this acquisitio­n will lead to a stronger downstream energy group that benefits from the increased customer reach and service delivery excellence of both companies, with the combinatio­n expected to produce stronger financial results.’’

Adeosun said Ardova 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.

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