Akin Gump is advising 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. VIP II is an investment vehicle advised by the commodities trader Vitol. The deal, which signed November 25, 2021, is subject to shareholder approval and has been recommended by the board of Vivo Energy.
Vitol first reached terms to buy out Helios Investment Partners, the second biggest shareholder, before approaching the board of Vivo Energy about taking the entire company private.
VIP II Blue is offering $1.79 per Vivo Energy share, plus up to a further $0.06 per share in the form of Vivo Energy dividends.
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 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 been involved in this transaction which Vitol sees as a pillar of its strategy in Africa. We’re proud to support Vitol on such a key strategic development.”
In addition to Mr. Keegan, the Akin Gump core team includes corporate associate George O’Malley and counsel Harpreet Hundal, competition counsel Scott Pettifor (who becomes a partner of the firm on 1 January, 2022), finance partner Amy Kennedy and finance associates Will Dyson and Adair Cook.