Ardova to acquire 100% stake in Enyo

Ardova Plc, formerly Forte Oil Plc, says it has reached an agreement with Enyo Retail and Supply Holding Limited to acquire a 100 percent equity stake in Enyo Retail and Supply Limited.

AP said in a statement that the announcement followed 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,” it said.

According to the statement, 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.

The Chief Executive Officer of AP, 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.”