Ardova Plc has completed its takeover of Enyo Retail and Supply Limited.
Ardova, one of the country's foremost indigenous players in the downstream sector of the oil and gas industry made the announcement on Tuesday, via a circular sent to the management of the Nigerian Stock Exchange.
The oil company began the takeover move on June 14, 2021.
“Further to the announcement of 14 June 2021 wherein Ardova PLC (the “Company” or “Ardova”) notified the Nigerian Exchange Limited, its shareholders and the investing public of the execution of a share purchase agreement to acquire 100% equity stake in Enyo Retail and Supply Limited (“Enyo”), the Company is pleased to announce that the Transaction has been completed and, all conditions have been satisfied,” the circular signed by the Company Secretary/General Counsel, Oladeinde Nelson-Cole read.
“The acquisition was completed through a wholly-owned subsidiary of the Company, Bags and Kegs Limited, and with effect from today, Enyo is now a wholly-owned subsidiary of the Company.”
Stanbic IBTC Capital Limited and Banwo & Ighodalo provided advisory services, while Rand Merchant Bank and Herbert Smith Freehills Paris LLP acted as financial and legal advisers to Enyo.
Commenting on the transaction, Ardover's Chief Executive Officer Olumide Adeosun, expressed satisfaction over the complete takeover.
“We are pleased with the successful conclusion of this transaction which will provide significant synergies by combining Enyo’s retail outlets and the Company’s retail operations," Adeosun said.
"It will also strengthen the quality of earnings for the Company. The acquisition is another step towards our broader vision of becoming the leading brand in the downstream petroleum sector."