Ardova Plc Finally Acquires Enyo Retail

Ardova Plc has completed the acquisition of a 100% equity stake in Enyo Retail and Supply Limited.

In a notification signed by the company’s secretary, Oladeinde Nelson-Cole, and uploaded on the website of the Nigerian Exchange Group Limited, the firm revealed that the recent deal followed the execution of a share purchase agreement between the parties involved.

Recall that in January, Ardova Plc had announced entering into discussions with the shareholders of Enyo, in a bid to take over the assets of the latter.

The firm further revealed 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.

After this, the parties involved in the deal reiterated their commitments towards finalizing the transaction, in line with the share purchase agreement.

They also promised to remain transparent in terms of communicating details about the future progress made on the deal.

Commenting on the recent acquisition, the Chief Executive Officer of Ardova Plc, Mr. Olumide Adeosun, 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.’’

Enyo Retail and Supply Limited was established in 2017, with a focus on integrating first level customer service experience with fuel retailing and renewable energy products in Africa. The firm is technologically driven and currently operates over 90 stations across Nigeria, servicing over 100,000 retail customers daily across 15 states of the country.

Currently, Stanbic IBTC Capital Limited and Banwo & Ighodalo are acting as financial and legal advisers respectively to Ardova Plc. On the other hand, Rand Merchant Bank and Herbert Smith Freehills Paris LLP are acting as financial and legal advisers to Enyo Retail and Supply Limited, and certain of its shareholders.

When completed, Ardova Plc will look to retain Enyo branded stations which will operate side by side with its brand, leveraging on its strengths.