Vivo proceeds with $203.9m deal to buy service stations
Vivo Energy said on Tuesday that it had secured regulatory approvals to buy Engen’s international operations in eight new countries, plus Engen’s operations in Kenya, in a $203.9m deal that will be settled in cash and shares. Vivo Energy’s retail service station network will expand from 15 to 23 countries in Africa when the deal is closed on March 1, the company said in a statement. The new markets are Gabon, Malawi, Mozambique, Réunion, Rwanda, Tanzania, Zambia and Zimbabwe. The Democratic Republic of Congo will be excluded from the tweaked transaction as the talks to attain regulatory approval are still underway. Vivo — which listed on the London Stock Exchange and JSE earlier in May, has previously described the transaction as a "game changer" for the company — already owns and operates more than 1,800 Shell service stations in 15 countries on the continent. Vivo will issue 63.2-million new shares at 165p per share, while $62.1m will be settled in cash. As a result, Mauritius-dom...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.