World News
Vitol Buys African Fuel Distributor Vivo Energy
Global commodity trading firm Vitol has bought African fuel distributor Vivo Energy.
The firm will buy up the remaining shares in Vivo that is does not already own for 139 pence each, it said in a statement on its website on Thursday. The deal values the entire company at around $2.3 billion.
Vivo Energy distributes fuels and lubricants across Africa, including to the marine market. The company was founded in 2011 after a divestment of some of Shell's downstream business.
"Since we founded Vivo with Helios and Shell, we have believed in the business' potential and we are excited to have it within the Vitol family, as a pillar of our strategy in Africa," Chris Bake, head of origination at Vitol. said in the statement.
"We are pleased that both Helios and the Independent Vivo Directors support our proposal."
Last year Vivo reported revenues of $6.2 billion and pre-tax earnings of $175 million, according to the statement.
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