(London) – Akin Gump has advised VIP II Blue BV, a wholly owned subsidiary of Vitol Investment Partnership II Ltd (VIP II), on its $2.3 billion acquisition of Vivo Energy Plc through a scheme of arrangement. VIP II is an investment vehicle advised by commodity trader Vitol. The arrangement was declared effective and the transaction was completed on July 25, 2022, following receipt of regulatory and shareholder approvals.
VIP II paid $1.79 per Vivo Energy share, plus an additional $0.06 per share in the form of a Vivo Energy final and special dividend. Vivo Energy operates a network of 2,330 filling stations and distributes and sells Shell and Engen branded fuels and lubricants in 23 countries in Africa. It was founded after Shell divested part of its downstream business in 2011. Vitol, Helios (formerly Vivo’s second largest shareholder) and Shell operated Vivo as a joint venture before purchasing Shell in 2016.
Akin Gump business partner Harry Keegan, who leads the team advising Vitol and VIP II Blue, commented, “We are pleased to have completed this transaction, which Vitol sees as a pillar of its strategy in Africa. We are proud to support Vitol in such an important strategic development.”
In addition to Mr. Keegan, Akin Gump’s core team included corporate advisor Harpreet Hundal and associate George O’Malley, competition associate Scott Pettifor, tax associate Stephen Brown and finance associate 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 attorneys and consultants in offices in the United States, Europe, Asia and the Middle East.
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