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Vivo Energy adjusts Engen purchase
Africa-focused fuel retailer Vivo Energy has revised the terms of its purchase of fuel stations from Engen Holdings, dropping 75 outlets in the Democratic Republic of Congo following legal challenges. The acquisition, first announced in December 2017, is expected to close on 1 March, adding eight new countries and more than 225 Engen-branded service stations to Vivo’s network. Vivo is jointly owned by oil trader Vitol with 55% and Africa-focused buyout firm Helios Investment Partners with 44%. Management owns the remaining 1%.
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