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Ardova Plc, an indigenous energy company, has acquired a 100 percent equity stake in Enyo Retail and Supply Holding in a share purchase agreement.
Oladeinde Nelson-Cole, Ardova’s company secretary, who disclosed in a corporate filing on the Nigerian stock exchange group limited,said the company notified its shareholders that the transaction is a share purchase agreement by both parties without stating further details.
“This announcement 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,” Ardova said in a statement.
The company had said in January that it would retain Enyo branded stations after the deal and operate side by side with the AP brand.
The company said Stanbic IBTC Capital Limited and Banwo & Ighodalo acted as financial and legal advisers respectively to AP, while Rand Merchant Bank and Herbert Smith Freehills Paris LLP acted as financial and legal advisers to Enyo and certain of its shareholders.
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