A fund backed by trading giant Vitol Group agreed to buy Vivo Energy in a deal valuing the Africa-focused fuel retailer at about $2.3 billion.
The transaction will bring Vivo assets back in house for the oil trader, which sold shares in the retailer in 2018 in what was one of the biggest initial public offerings on the London Stock Exchange that year. The offer shows Vitol is willing to spend to pursue growth and find outlets for its traditional fuels amid the energy transition.
Vitol, which owns 36% of Vivo, will pay $1.85 (139 pence) a share in cash for the rest, the trading house said Thursday. No. 2 investor and co-founder Helios Investment Partners also supports the deal, Vitol said.
The offer is being made by an entity indirectly owned by Vitol Investment Partnership II Limited. The VIP investment vehicle is…