Vivo Energy acquires South African retail network
CAPE TOWN, February 10, 2023 – Vivo Energy has acquired the controlling stake in Engen from Malaysian NOC Petronas in a bid to create a pan-African retail petroleum giant, the buyer announced on Thursday.
The deal sees Petronas’ 74% stake in Engen passed to Vivo Energy.
Engen is the market leader in South Africa for petroleum distribution.
The combined group will have more than 3,900 retail stations and 2 billion litres of storage capacity across 27 African countries.
In 2022, Swiss-based commodity entity Vitol acquired 100% shares in Vivo Energy.
“Vivo Energy’s focus has been to invest to grow our business, and I am proud that we have more than doubled the size of our network since our formation in 2011. Four years ago, we acquired the Engen business in nine African markets, and have since worked to enhance and develop these,” said Stan Mittelman, CEO of Vivo Energy.
Cost of the acquisition was not disclosed.