Akin Gump advises Vitol on the takeover of Vivo Energy
The deal was worth $2.3 billion
International law firm Akin Gump Strauss Hauer & Feld has advised VIP II Blue B.V, a wholly owned subsidiary of Vitol Investment Partnership II Ltd in its takeover of Vivo Energy Plc by way of a scheme of arrangement.
VIP II is an investment vehicle advised by the commodities trader Vitol. The scheme was declared effective, and the transaction was completed in July 2020, following the receipt of regulatory and shareholder approvals.
VIP II paid $1.79 per Vivo Energy share, plus $0.06 per share in the form of a final and special dividend. 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.
The company was founded after Shell divested some of its downstream business in 2011. Vitol, Helios (formerly the second biggest shareholder in Vivo), and Shell operated Vivo as a joint venture before buying out Shell in 2016.
Harry Keegan, the corporate partner at Akin Gump is leading the team advising Vitol and VIP II Blue. He commented, "We are delighted to have seen this transaction, which Vitol sees as a pillar of its strategy in Africa, through to completion. We are proud to support Vitol on such a key strategic development."
Others in the Akin Gump team included corporate counsel Harpreet Hundal and associate George O'Malley, competition partner Scott Pettifor, tax partner Stephen Brown, and finance partner Amy Kennedy and associates Will Dyson, and Adair Cook.
The firm has 900 lawyers and advisors in offices throughout the United States, Europe, Asia, and the Middle East.