| Published Wed, September 19th 2018 at 11:43, Updated September 19th 2018 at 11:46 GMT +3Oil marketing firm Vivo Energy has reached a deal to acquire Engen’s operation in eight African countries including Kenya for Sh20 billion. Vivo, which runs the Shell branded outlets in the region, said the transfer of Engen’s business in to Vivo would be completed by March 2019. ALSO READ: Thirsty locals protest over funding for water projectsThe deal, which was initially announced in December 2017, will see owners of the Engen walk away with Sh6.3 billion in cash and a five per cent shareholding in Vivo Energy. The transaction will substanti ally expand Vivo Energy’s footprint in Africa. The acquisition will add to Vivo’s network more than 225 Engen-branded service stations to Vivo Energy's network, taking its total presence to over 2,000 service stations, across 23 African markets.

Source: Standard Digital September 19, 2018 08:48 UTC