Vivo energy logo.[Photo/pinterest]
Vivo Energy Investments BV, has acquired South African Engen Oil’s assets in nine African countries including Kenya, solidifying its regional petroleum interests.
The Netherlands-based Vivo Energy said the deal whose value was undisclosed is subject to regulatory approval.
“Upon completion of this transaction, nine new countries and over 300 Engen-branded service stations will be added to Vivo Energy’s network, taking Vivo Energy’s total presence to over 2,100 service stations, across 24 African markets,” the company said in a statement Monday.
The new markets for Vivo Energy will include DR Congo, Zimbabwe, Réunion, Zambia, Gabon, Rwanda, Mozambique, Tanzania and Malawi. Engen’s Kenya operations (where Vivo Energy already operates) are also part of the transaction.
Engen Holdings will retain its interest in Engen Petroleum Limited and Engen’s businesses in six other countries including Mauritius, Botswana, Ghana, Namibia, Swaziland and Lesotho, which are not part of the transaction. Vivo Energy holds the Shell licence in 16 African markets.
In October this year it was reported to be eyeing an initial public offering on the London Stock Exchange to access new capital for growth on the continent.