Vivo energy and Engen Holding, a 100% subsidiary of Engen Limited has entered into a share transaction for an undisclosed amount, Vivo’s Dutch parent Vitol said in a statement on Monday
The deal will add nine new countries and over 300 Engen-branded service stations to Vivo Energy’s network, taking Vivo Energy’s total presence to over 2,100 service stations, across 24 African markets.
Engen, which is 74% owned by Malaysian oil group Petronas with the balance owned by empowerment partner Phembani, will retain its refinery along with its service stations in SA, Mauritius, Botswana, Ghana, Namibia, Swaziland and Lesotho.
Vivo which represents Shell in various African countries, will expand in the Democratic Republic of Congo, Zimbabwe, Réunion, Zambia, Gabon, Rwanda, Mozambique, Tanzania and Malawi by acquiring Engen’s operations in those countries.
Vivo will also acquire Engen’s Kenyan operations, adding them to its existing Kenyan network.
“Africa is a very important part of our business and we are committed to continuing to invest across the continent,” Vitol chairman and CEO Ian Taylor said.