Lagos — Shareholders of Enyo Retail and Supply Limited have agreed for Ardova Plc to acquire Enyo, according to a note published on the Nigerian Stock Exchange, NSE.
Enyo is one of the newest retail and supply companies in the downstream sector. The company currently operates over 90 stations across Nigeria attending to over 100,000 retail customers daily across 15 states of the country.
Although the plan is at top gear, however, according to Ardova, the acquisition still depends on Enyo accepting Ardova’s offer and acquisition framework as already presented 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”, the note said.
While commenting on the development, the chief executive officer of Ardova, Mr. Olumide Adeosun said “immediately following completion, Ardova will look to retain the Enyo branded stations which will operate side by side with its brand whilst leveraging the strengths of Ardova and its group companies”.
He stressed further that parties are committed to concluding the deal by the end of first quarter 2021.