DLA Piper advises RMB and Standard Bank on provision of financing to Engen

DLA Piper has advised Rand Merchant Bank (RMB), and The Standard Bank of South Africa Limited, acting through its Corporate and Investment Banking division, on financing to Engen. Recently, Vivo Energy has acquired Engen from PETRONAS, creating a major pan-African energy player. The transaction is one of the largest deals of 2024 and highlights the growing confidence in the wider African economy and the fuel distribution sector. Vivo Energy and Engen have committed to investments in renewable energy generation projects in South Africa to support a just energy transition for the country over the coming years.

Vivo Energy, headquartered in London, is a leading downstream energy company with operations across 28 African markets. It specialises in the supply, storage, distribution, and retail of high-quality fuels and lubricants.

Rand Merchant Bank (RMB) is a leading African corporate and investment bank and part of FirstRand Limited, one of the largest financial services groups in Africa. RMB has a deal footprint in over 35 countries in Africa, as well as a presence in the UK, USA, India and China. The Standard Bank of South Africa Limited's Corporate and Investment Banking division is one of Africa’s leading financial services organisations with a strong presence across more than 20 countries in sub-Saharan Africa.

A multi-practice and cross-border DLA Piper team worked on the transaction and was led by Jackie Pennington, director in the Finance practice based in the Johannesburg office. She was supported by partners Adam Abou Habaga, Gerard Kneppers, and Lex Oosterling (all Finance), Advocaats Rick Minjon, Jocelyn van Moergastel, and Sabine Botden, Tax advisor Robin Theuns, Senior Associate Byron Bromham, Associate Designate Manyaku Thulare, and Candidate Attorneys Marco Sequeira and Lethabo Mogotsi.

Jackie Pennington, Director, commented: “Advising on a transaction of this scale highlights our commitment to facilitating investments that drive growth and innovation. We are excited to have played a key role in enabling this transformative transaction, which will have a lasting impact on the region’s energy future and economic resilience."