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.
