Ardova set to acquire Enyo

Ardova set to acquire Enyo

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 of the oil and gas industry.

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.

The announcement of the deal made at the Nigerian Stock Exchange (NSE) on Wednesday is pursuant to the acceptance in principle of AP’s offer and acquisition framework by the shareholders of Enyo.

At the current stage, the deals is still 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.

The two parties have also promised to provide further information on progress made on the proposed acquisition.