Vivo Energy on Thursday said it had agreed to be taken over by Vitol Investment in a deal worth around $2.3bn.
The cash and dividend deal will see Vivo shareholders get $1.79 for each share they hold, plus six cents as a combined interim and special dividend, the companies said in a joint statement.
“Fuels distribution and marketing in Africa remains a core activity for the Vitol Group,” the bidder, which already holds 36% of Vivo.
“The Vitol Group will continue to support Vivo’s management and its strategy, and believe that Vivo will benefit from Vitol’s expertise and be better placed to pursue opportunities in a highly fragmented market.”
