Ardova Plc (AP) said it 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 according to the company 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 Ardova Plc is a leading integrated energy company involved in the marketing of petroleum products in Nigeria. The Company operates a network of over 450 retail outlets spread across Nigeria with major petroleum storage installations in Lagos and Rivers state. The Company operates across four segments: fuels, lubricants and greases; liquified petroleum gas; cylinder sales; and renewable energy.

Enyo Retail and Supply Limited Enyo is one of the newest and fastest growing retail and supply companies in the Nigerian downstream sector. The company currently operates over 90 stations across Nigeria attending to over 100,000 retail customers daily across 15 states of the country