By Ian Walker
LONDON--Royal Dutch Shell PLC (RDSB.LN) Friday said it is selling its 20% stake in Vivo Energy to Vitol Africa B.V. for $250 million, in line with its strategy to concentrate downstream operations where it can be most competitive.
The oil major said it expects to complete the deal during the first half of 2017, subject to regulatory approval.
As part of the deal, a long-term brand license agreement has been renewed with Vitol to ensure the Shell brand remains visible in more than 16 countries across Africa.
Vivo Energy, a Shell licensee in 16 African markets, was established on Dec. 1, 2011 to distribute and market Shell-branded fuels and lubricants.
Vitol already has a 40% interest in Vivo Energy. Helios Investment Partners has the other 40% share.
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(END) Dow Jones Newswires
December 23, 2016 09:04 ET (14:04 GMT)
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