Akin Gump Advises Vitol in $2.3 Billion Takeover of Vivo Energy
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(London) - Akin Gump has advised VIP II Blue B.V, a wholly owned subsidiary of Vitol Investment Partnership II Ltd (VIP II), in its $2.3 billion takeover of Vivo Energy Plc by way of scheme of arrangement. VIP II is an investment vehicle advised by the commodities trader Vitol. The scheme was declared effective, and the transaction completed, on July 25, 2022, following receipt of regulatory approvals and shareholder approval.
VIP II paid $1.79 per Vivo Energy share, plus a further $0.06 per share in the form of a Vivo Energy final and special dividend. Vivo Energy operates a network of 2,330 service stations, and distributes and markets Shell- and Engen-branded fuels and lubricants, in 23 countries across Africa. It was founded after Shell divested some of its downstream business in 2011. Vitol, Helios (formerly the second biggest shareholder in Vivo) and Shell operated Vivo as a joint venture before buying out Shell in 2016.
Akin Gump corporate partner Harry Keegan, who is leading the team advising Vitol and VIP II Blue commented, “We’re delighted to have seen this transaction, which Vitol sees as a pillar of its strategy in Africa, through to completion. We’re proud to support Vitol on such a key strategic development.”
In addition to Mr. Keegan, the Akin Gump core team included corporate counsel Harpreet Hundal and associate George O’Malley, competition partner Scott Pettifor, tax partner Stephen Brown, and finance partner Amy Kennedy and associates Will Dyson and Adair Cook.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers and advisors in offices throughout the United States, Europe, Asia and the Middle East.
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