Ardova Plc Acquires 100% stake in Enyo

Ardova Plc (AP) hereby notifies the Nigerian Exchange Group Plc, its shareholders, and the investing public, that the Company has reached an agreement with Enyo Retail and Supply Holding Limited (ERSHL) to acquire a 100% equity stake in Enyo Retail and Supply Limited (Enyo). 

This announcement follows the execution of a share purchase agreement by the parties. The parties are committed to closing the transaction, in accordance with the share purchase agreement, as soon as agreed closing conditions are satisfied, and regulatory approval is received.

Stanbic IBTC Capital Limited and Banwo & Ighodalo are acting as Financial and Legal Advisers respectively to AP, while Rand Merchant Bank and Herbert Smith Freehills Paris LLP are acting as Financial and Legal Advisers to ERSHL and certain of its shareholders.

Olumide Adeosun, Chief Executive Officer of AP, stated that “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.”.

Ardova Plc and Enyo Retail & Supply Limited will communicate details of future progress made on this acquisition.