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Corporate deals

Deal: Ardova to acquire Enyo

Ardova Petroleum Plc (AP) has announced plans to acquire oil and gas retail outlet Enyo Retail and Supply Limited

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Olumide Adeosun, Forte Oil Plc,

Ardova Petroleum Plc (AP) has announced plans to acquire oil and gas retail outlet Enyo Retail and Supply Limited. This was announced via the website of the Nigerian Stock Exchange on Wednesday, January 13, 2021.

Nairametrics reported in September 2019 that Ardova had obtained its board approval to acquire downstream assets in the country in line with its expansion plans.

According to the information contained in the press release, Enyo accepted Ardova’s acquisition offer in a deal that is still subject to completion of a due diligence exercise and the receipt of all required regulatory approvals.

Ardova share price rallied during the day as news of the deal reached some investors and closed at N20 per share. The share price of Ardova has rocketed this year gaining 47.6% year to date as of Wednesday.

This will be the second major acquisition by Ardova Plc after its majority shareholders Prudent Energy Services, using a vehicle Ignite Investments and Commodities Limited, acquired majority shares in Forte Oil Plc from billionaire Femi Otedola in 2019. In the 2019 deal, Mr. Otedola sold 970,166,694 units of Forte Oil Plc in off-market trades at a price of N66.25 per share and valued at about N64 billion. Ardova share price was about N32.3 per share when it was acquired by Prudent Energy Services.

The CEO of Ardova Mr. Olumide Adeosun informed the Exchange that immediately following completion, AP will look to retain the Enyo branded stations which will operate side by side with the AP brand “whilst leveraging the strengths of AP and its group companies” in a move that is typical with such acquisitions.

Enyo was established in 2017 as a downstream energy player and is majorly owned by Folawiyo Energy, a notable player in the oil and gas industry. The Chairman of ENYO is Mr. Tunde Folawiyo. Ardova indirect majority shareholder Prudent Energy Services is owned by a Nigerian businessman and oil mogul Abdulwasiu Sowami.

Ardova reported a profit after tax of N1.8 billion in the first 9 months of the year compared to N2.5 billion the year before. Full-year profit in 2019 was N3.9 billion and it is very likely profits will fall when the company reports its results this year.

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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    Corporate deals

    DEAL: Verizon sells Yahoo, AOL for $5 billion to private equity firm

    The $5 billion sales by Verizon is about half the price it bought the 2 firms a few years back.

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    DEAL: Verizon sells Yahoo, AOL for $5 billion to private equity firm

    American wireless network operator, Verizon, on Monday, announced the sales of faded web service providers Yahoo and AOL to a private equity firm for $5 billion, ending the media ambitions of the telecoms giant.

    The transaction with Apollo Global Management has the entire Verizon Media unit and the advertising tech operations of the two brands as part of the deal.

    According to a statement issued by Verizon, it will retain a 10% stake in the company which will continue to be led by its Chief Executive, Guru Gowarappan.

    The sale will see online media brands under the former Yahoo and AOL umbrellas like TechCrunch, Yahoo Finance and Engadget go to Apollo. Verizon bought AOL for $4.4 billion in 2015 and it bought Yahoo for $4.5 billion in 2017.

    There had been increasing evidence recently that Verizon wanted to sell off its media properties and instead focus on its wireless networks and other internet provider businesses.

    READ: Google’s advertising revenue plunges

    Private equity partner at Apollo, Reed Rayman, said, “We are thrilled to help unlock the tremendous potential of Yahoo and its unparalleled collection of brands. We have enormous respect and admiration for the great work and progress that the entire organization has made over the last several years, and we look forward to working with Guru, his talented team, and our partners at Verizon to accelerate Yahoo’s growth in its next chapter.”

    Apollo’s David Sambur also said, “We are big believers in the growth prospects of Yahoo and the macro tailwinds driving growth in digital media, advertising technology and consumer internet platforms.”

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    He pointed out that their goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting.

    What you should know

    • It can be recalled that Verizon, in 2017, purchased Yahoo for about $4.5 billion, ending the run for one of the storied brands of the early internet. It later merged Yahoo into its division with AOL, another star of the early internet era, which Verizon acquired in 2015.
    • Both AOL and Yahoo lost traction and lofty market valuations as internet users shifted to newer platforms such as Google and Facebook.
    • The purchase was meant to give Verizon a pathway into mobile, with the goal of using AOL’s advertising technology to sell ads against digital content. Verizon doubled down on that strategy in 2017 with its acquisition of Yahoo, which it combined with AOL under the umbrella Oath.
    • The $5 billion sales by Verizon is about half the price it bought the 2 firms a few years back.

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    Corporate deals

    DEAL: AJUA, leading customer experience platform acquires Kenyan-based AI firm, WayaWaya

    WayaWaya founder and lead Janja product builder, Teddy Ogallo, joins Ajua as VP of Product APIs and Integrations.

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    For an undisclosed sum, Ajua, the integrated Customer Experience Management solution for businesses in Africa, has acquired WayaWaya, the Kenya-based Artificial Intelligence [AI] and Machine Learning [ML] company known for its innovative Janja platform that enables borderless banking and payments across apps and social media platforms.

    WayaWaya founder and lead Janja product builder, Teddy Ogallo, joins Ajua as VP of Product APIs and Integrations.

    Launched in 2012, Ajua was built to solve the customer experience gap for businesses on the continent to drive business growth. Ajua combines technology with customer experience and has built a number of innovative products that deliver real-time customer feedback at the point of service, for small and large businesses across Africa, with the goal to digitalize and power growth for over 45 million SMEs. Current Ajua infrastructure partners and clients include GoodLife Pharmacy, Standard Chartered, FBNQuest, Safaricom, Total, Coca-Cola and Java House.

    The acquisition of WayaWaya allows Ajua to integrate Janja to automate much of the customer experience journey by integrating janja.me product into their product stack, closing the customer experience loop as the smart AI and ML built by WayaWaya gives SMEs the ability to automate responses and give the customer what they want, when they want it.

    WayaWaya currently helps both individuals and businesses with intelligent messaging, across a number of social platforms, including Whatsapp, Facebook messenger, Telegram, and others. It allows its users to automate customer support and make cross-border payments. As well as its vast reach with social platforms, WayaWaya is also integrated with global and African financial leaders including Mpesa, Airtel Money, Bankserv, First Data, Interswitch, Stripe, Flutterwave, Visa and MasterCard.

    This comes just one month after Ajua announced its partnership with Nigeria’s MTN for MTN EnGauge, an agile application that offers innovative customer management solutions. The platform enables businesses to access digital payments using a unique USSD code, CRM tools, customer feedback channels, debt management and tracking, business and product promotions through mobile and social media channels.

    Through its new product roll-out with MTN, Ajua is generating more data for its thousands of users, much of which can now be better automated and monetized through the products and services WayaWaya has built, including cross-border digital transfers, payments services and intelligent finance bots.

    The SME market in Nigeria alone is valued at $220 billion annually and projections reveal that businesses with Customer Relationship Management (CRM) have bolstered their productivity by 40 percent. Ajua, the leader in the technology-powered customer experience market for the continent, uses data and analytics to connect companies with their customers in real-time, helping businesses to better understand the nature of their customers and subsequently increase sales through smarter experiences.

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    What they are saying

    Kenfield Griffith, Ajua Founder and CEO said “The acquisition of WayaWaya is an important milestone for us, as we make a significant leap in ensuring the customer experience journey for businesses across the continent is seamless. Integrating WayaWaya’s technology significantly complements our product suite and gives us the ability to automate our clients’ businesses and grow their revenues, which is an extremely powerful proposition for our customers of all sizes, across Africa. From our experience in this area, we understand the CX fundamentals that drive growth for our customers and we want to bring this intelligence to SMEs across the continent.”

    Teddy Ogallo, founder of WayaWaya and new VP of Product APIs and Integrations for Ajua adds, “Ajua’s focus on introducing and scaling customer service and customer experience for the continent – and essentially how they help businesses deliver excellence for their customers is something my team and I have long admired. Seeing how WayaWaya’s technology can complement Ajua’s innovative products and services, and help scale and monetize businesses, is an exciting opportunity for us, and we are happy that our teams will be collaborating to build something unique for the continent.”

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