Helios Investment Partners and Vitol are set to acquire Shell’s 20 per cent shareholding in Vivo Energy for $250 million.
Vivo will now be 100 per cent owned by Helios and Vitol though it will continue operating under the Shell brand.
“We have played a key role in supporting Vivo Energy in its mission to create Africa’s most respected energy business. Shell is selling its remaining minority stake in the business while at the same time renewing the brand agreement that has contributed to Vivo’s success across the continent,” said Tope Lawani Co-founder and Managing Partner, Helios Investment Partners.
Vivo Energy is the company behind the Shell brand in Africa. It was created by Helios, Vitol and Shell in 2011 when Shell divested its majority share in its downstream operations in 14 African markets.
Chris Bake, Chairman, Vivo Energy and Vitol Executive Committee Member expressed the company’s pleasure at having partnered with Shell and pride at what Vivo has achieved so far.
Its retail network has grown from 1, 300 to over 1, 700 stations; expanded to 16 countries; and enhanced Vivo’s operational and safety performance.
Vivo Energy plans an additional $300 million of investment over the next three years.
The transaction is expected to close in the first half of 2017.