Vivo Energy and Engen have announced the completion of the transaction to combine their respective businesses, with PETRONAS to Sell its 74% shareholding in Engen to Vivo Energy, creating a Pan-African energy champion.
The combined Vivo Energy Group now has over 3,900 service stations, and more than two billion litres of storage capacity across 28 African markets. The deal does not however affect the operations of Engen in Ghana.
Following the announcement of the transaction in February 2023, all parties have been working hard to secure regulatory approvals and fulfillment of conditions precedent across the seven markets where Engen operates. These have now been completed, with conditions.
In a joint statement, Stan Mittelman, CEO of the Vivo Energy Group, and Seelan Naidoo, Managing Director and CEO of Engen, said: “We are delighted to conclude the transaction, and will now work together to take the ‘best of both’ from Engen and Vivo Energy, positioning the combined organisation well for growth and success in the years to come.”
The enlarged Vivo Energy will only make changes that add value, keeping a ‘business as usual’ approach for customers, partners, suppliers, and employees. The new organisation will continue to place a strong focus on delivering added value and benefits for customers and stakeholders.
Mittelman and Naidoo added: “As part of the transaction, Vivo Energy has committed to invest a significant amount of capital expenditure to maintain and grow Engen’s operations in South Africa, ensuring a modern and efficient business, for the benefit of the South African population. We have also committed to major investments in renewable solar power generation projects to help transform the economy, while supporting a just energy transition for the country"
The Vivo Energy Group operates and markets its products in countries across North, West, East and Southern Africa. The newly extended Group has a network of over 3,900 service stations in 28 markets operating under the Engen and Shell brands and exports lubricants to a number of other African countries. Its retail offering includes fuels, lubricants, card services, convenience stores, restaurants, and other non-fuel services..
Original story Vivo Energy acquires 74% stake in Engen to create a Pan-African energy champion (asaaseradio.com)
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