Ardova Plc (AP), a Nigerian integrated energy company, says it is set to conclude the acquisition of Enyo Retail and Supply Limited (Enyo), as discussions were currently ongoing.
Mr Olumide Adeosun, Chief Executive Officer of AP disclosed in a statement made available to newsmen on Wednesday in Lagos.
Adeosun said that immediately after the acquisition, AP would retain the Enyo branded stations, which would operate side by side with the AP brand while leveraging the strengths of AP and its group of companies.
He also stated: “Both parties are committed to concluding the deal by the end of Q1 2021.”
The announcement was pursuant to the acceptance in principle of AP’s offer and acquisition framework by shareholders of Enyo; it is subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals.
Enyo is one of the newest and fastest growing retail and supply companies in the downstream sector.
It 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 CEO said that Ardova Plc and Enyo Retail & Supply Limited would provide further information on progress made on the proposed acquisition.