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Vivo Energy has announced that it has reached an agreement with Engen Holdings to restructure the acquisition of Engen’s Mauritian operations by Vivo Energy’s subsidiary, Vivo Energy Investments. This was the final deal required for the addition of Vivo Energy presence in eight new countries.

Vivo EnergyThis deal will add over 225 Engen-branded service stations to Vivo Energy’s network, taking its total presence to over 2000 service stations across 23 African markets. The new markets for Vivo Energy are Gabon, Malawi, Mozambique, Reunion, Rwanda, Tanzania, Zambia and Zimbabwe. Engen’s Kenya operations (where Vivo Energy already operates) is the ninth country included in the transaction. 

All required regulatory and competition authorities’ approvals have been received for the transfer of Engen’s international operations in all nine sub-Saharan countries. The Mauritian restructure allows for completion of the transaction, first announced on 4 December 2017, to proceed in respect of all countries other than the Democratic Republic of Congo. Completion has been scheduled for 1 March 2019. 

“[This] 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. Importantly, our existing business remains on track to achieve our full year guidance and we continue to invest in and grow our existing operations,” says Christian Chammas, CEO of Vivo Energy.

“Engen is pleased with this transaction, which will enable the parties to proceed to completion on 1 March 2019. It aligns with our growth aspirations in Africa. We look forward to becoming a Vivo Energy shareholder, and adding another strong and well-respected brand to the Vivo Energy group,” adds Yusa Hassan, Managing Director and CEO of Engen.

Image credit: https://investors.vivoenergy.com/group-overview/senior-management

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