Ardova Plc completes 100% acquisition of Enyo Retail and Supply Limited
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 filed at 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, 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.’’
He had also said in January that immediately after 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.