Ardova Plc (AP) a downstream player has announced that it is in talks with the shareholders of Enyo Retail and Supply Limited relating to acquire the company before the end of Q1 2021, in a deal that will see the company expand its footprints in the downstream market.
This announcement is however in pursuant to the acceptance in the principle of AP’s offer and acquisition framework by the shareholders of Enyo.
This 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 players in retail and supply companies in the downstream sector, operating over 90 stations across 15 states of the country
CEO of AP, Mr Olumide Adeosun, explained that immediately following completion, AP 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.
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