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Ardova Plc (AP), an integrated energy company, has entered into discussion with Enyo Retail and Supply Limited, a petroleum products distribution firm, for possible acquisition of the later.
AP said in a notice signed by Oladeinde Nelson-Cole, its Ag. Company Secretary/General Counsel, the announcement is pursuant to the acceptance in principle of AP’s offer and acquisition framework by the shareholders of Enyo though it is still subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals.
CEO of AP, Mr Olumide Adeosun, explained that immediately following completion, AP will look to retain the Enyo branded stations which will operate side by side with the AP brand while leveraging the strengths of AP and its group companies.
He stressed further that parties are committed to concluding the deal by the end of first quarter 2021.
Enyo is one of the newest and fastest growing retail and supply company in the downstream sector and a technologically driven player that currently operates over 90 stations across Nigeria attending to over 100,000 retail customers daily across 15 states of the country.