Ardova PLC (“AP” or the “Company”), one of Nigeria’s leading dowstream oil and gas companies, through its wholly owned investment company, Bags and Kegs Limited (“B&K”), has successfully completed the acquisiton of a 100% equity stake in Enyo Retail and Supply Limited (“Enyo”) from Enyo Retail and Supply Holding Limited (“ERSHL”).
Further to the announcement on 14 June 2021, the completion of the transaction was dependent on B&K receiving necessary approvals from the Federal Competition and Consumer Protection Commission as well as fulfilling all relevant conditions in the Share Purchase Agreement.
Mr Olumide Adeosun, Chief Executive Officer, AP, stated that “we are pleased with the successful completion of this seminal transaction.
This acquisition will lead to a stronger downstream energy group that will benefit from increased customer reach and excellent service delivery. We also expect to see the deal yield stronger financial results.”
Stanbic IBTC Capital and Banwo & Ighodalo acted as Financial and Legal Advisers respectively to AP, while Rand Merchant Bank, Herbert Smith Freehills Paris LLP andOlaniwun Ajayi acted as Financial and Legal Advisers to ERSHL and its shareholders.
Speaking on the transaction, Sola Carrena, Executive Director, Stanbic IBTC Capital stated that, “Stanbic IBTC is delighted to have advised AP on such a strategic acquisition.
We are thankful to all the parties involved in the transaction, including the client and other transaction advisers who worked tirelessly to ensure a seamless process from start to finish.
The successful completion of this transaction is yet another validation of Stanbic IBTC Capital’s market leadership, expertise and quality service delivery to clients.
We look forward to working with the AP team as they look to deliver on other strategic objectives.”
