Enyo Retail and Supply Limited has been acquired by Ardova Plc, six months after the latter announced that it was interested in the company owned by oil magnate, Tunde Folawiyo.
Ardova offered to buy out the shareholders of Enyo filling station, thereby, taking up 100% control of the firm. The shareholders have agreed to acquisition framework – tendered by billionaire, Abdulwasiu Sowami – in principle.
READ ALSO: Ardova Plc in bid to buy Enyo Retail outlets
However, the completion of the deal awaits due diligence exercise and required regulatory approvals. Upon completion, Ardova will takeover 90 stations across 15 states of the country, and have access to Enyo’s over 100,000 daily retail customers.
In a statement to the investing public on Tuesday, the Chief Executive Officer of Ardova, Olumide Adeosun, 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.’’
The acquisition of Enyo comes after Prudent Energy took over Forte Oil from billionaire, Femi Otedola, following a divestment.
The take over led to a change of name from Forte Oil to Ardova.
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