Ardova to acquire Enyo for enhanced Synergy

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Ardova to acquire Enyo for enhanced Synergy

Ardova Plc (AP), a leading Nigerian integrated energy Company is on acquisition talks with Enyo Retail and Supply Limited as parts of its growth strategy.

In a notice  of intent obtained from The Nigerian Stock Exchange (NSE), Thursday, AP said the acquisition move was agreeable to the shareholders.

With Enyo’s over 90 stations across Nigeria and well above 100,000 retail customers daily across 15 states of the country, when sealed, the corporate wedlock is expected to strengthen AP’s balance sheet, boost its earnings and enhance shareholder value.

Enyo is one of the newest and fastest growing retail and supply companies in the downstream sector.

The Chief Exexutive of AP, Mr Olumide Adeosun, explained that immediately after completing acquisition deal, Enyo branded stations would operate alongside side with the AP brand whilst leveraging the strengths of AP and its group companies.

The notice, which was signed by the Ag. Company Secretary/General Counsel, Ardova Plc, Oladeinde Nelson quoted Adeosun as stressing that parties were committed to concluding the deal by the end of Q1 2021.

According to him, Ardova Plc and Enyo Retail and Supply Limited will provide further information on progress made on the proposed acquisition.

“We have entered discussions relating to AP acquiring Enyo. This announcement is pursuant to the acceptance in principle of AP’s offer and acquisition framework by the shareholders of Enyo, it is subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals”, Adeosun said.

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