Vitol to take full control of Vivo Energy
The commodities trading group will purchase the remaining shares of African retailer Vivo Energy.
Vitol has reached an agreement to acquire 100% of petrol station operator Vivo Energy for $2.3 billion. The cash payment sets the price at $1.85 per share.
Vitol owns 36% of London-listed Vivo Energy, which floated in May 2018 at 165p a share, giving it a $2.7 billion valuation. The proposed acquisition will be for the 63,95% Vitol doesn’t already control.
Vivo Energy distributes and sells Shell and Engen fuels across 23 African markets. It operates a growing network of 2,400 gas stations.
“Since we founded Vivo with Helios and Shell, we have believed in the business’ potential and we are excited to have it within the Vitol family, as a pillar of our strategy in Africa,” said Chris Bake, Vitol.
Vivo Energy continues to expand its presence across the African continent. Last week it announced the opening of its 250th station in Kenya along with a national promotion program.
