Vivo Energy has successfully completed its acquisition of Engen from Petronas, consolidating its position as a pan-African energy champion. The deal merges the two companies’ businesses and results in a combined entity that operates more than 3,900 service stations and boasts over two billion litres of storage capacity across 28 African markets. This strategic acquisition necessitated regulatory approvals and fulfilment of conditions precedent in seven markets, which have now been attained. The combined company is set to invest significantly in modernising Engen’s operations in South Africa, with a focus on renewable energy and a just energy transition. The Phembani Group continues its long-standing association with Engen, maintaining a 21% shareholding in the South African entity. Additionally, a 5% employee share ownership programme has been initiated, ensuring that Engen South Africa is 26% owned by historically disadvantaged persons. Regulatory bodies, including The Competition Tribunal, have imposed public interest conditions to ensure compliance with health and safety standards. Executives from both companies expressed optimism about future growth prospects and a commitment to adding value for customers, partners, suppliers, and employees alike.
Energy, Mergers and Acquisitions,Africa, South Africa
https://mergersacquisitions.einnews.com/article/713388473/XlBthuGVhyXbW32W?ref=rss&ecode=Q1vNcweEggLWKz7L