Global commodity trader Vitol on Thursday (25 November) issued a statement of an intended acquisition of African fuel distributor Vivo Energy for USD 2.3 billion.
Vitol and its concert parties already own 36.0%. of Vivo, and Vitol has secured an agreement to acquire a further 27.1% of the company from Helios.
“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. We are pleased that both Helios and the Independent Vivo Directors support our proposal,” comments Chris Bake, Head of Origination at Vitol.
“We very much look forward to working with management on this next phase of growth and we thank Helios for their support and collaboration over the last ten years.”
“Since Vivo Energy was established 10 years ago, the company has had a clear growth strategy and looked to deliver sustainable value for all its stakeholders. The Independent Vivo Directors believe that Vivo’s leading position in Africa means that it is well positioned to continue to capitalise on the opportunities that will arise from the fundamental growth drivers on the continent,” states John Daly, Chair of Vivo.
“Vivo also demonstrated the strength of its business model through the impacts of the pandemic, with a rapid recovery in operational and financial performance, supported by committed leadership and employees who embody the unique Vivo culture.
“This performance and strong financial position has enabled the business to deliver on its growth plans and allows the Independent Vivo Directors to consider its future and evaluate Vitol’s offer from a position of strength.”
Photo credit: Scott Graham from Unsplash
Published: 26 November, 2021
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