Vivo Energy continues to expand across Africa with Engen purchase
The operator of the Shell brand in Africa has restructured its deal with Engen to acquire over 200 sites in eight countries.
Vivo Energy, fuel and convenience retailer under the Shell brand, has reached a deal to acquire Engen’s operations in eight African countries for $204 in cash and stock. The operation is expected to be completed by March 2019, according to a press release.
The restructured transaction will add operations in eight new countries and over 225 Engen-branded service stations to Vivo Energy’s network, taking its total presence to over 2,000 service stations across 23 African markets. The new markets for are Gabon, Malawi, Mozambique, Reunion, Rwanda, Tanzania, Zambia and Zimbabwe.
“The announcement opens an important new chapter for Vivo Energy and we look forward to welcoming around 350 new employees, adding eight new countries to our network, and increasing our target market by nearly 150 million people to around 35% of the African population,” said hristian Chammas, CEO, Vivo Energy
Following the success of the deal, Vivo Energy will look for more growth opportunities in Africa through other acquisitions.
Engen is an oil company focusing on the downstream refined petroleum products market and related businesses, with a presence across Sub Saharan Africa and the Indian Ocean Islands.
