Vivo Energy acquired African operations of Engen Holdings for $204m.

Vivo Energy, a downstream petroleum company with its headquarters in the Kingdom of the Netherlands, acquired African operations of Engen Holdings, a South African oil company focusing on the downstream refined petroleum products market and related businesses, for $204m. The consideration for the transaction comprises an issue by Vivo Energy of 63.2m new shares and $62.1m in cash. On the basis of information provided by Engen, Vivo Energy believes that the 2018 financial performance of the target group will be similar to 2017. Increased fuel volumes, driven by the commercial segment, are expected to have been offset by lower margins, primarily due to mix effects. Vivo Energy will provide full year guidance for 2019, incorporating the 10 months of contribution of the new Engen markets, with its full year results announcement on 6 March 2019.