Thursday 27 July 2017

Irish group DCC pays €273m to buy Esso's Norweigan petrol station network

Esso. File picture
Esso. File picture
John Mulligan

John Mulligan

Diversified Irish group DCC has agreed to pay 2.43bn krone (€273m) to buy Esso’s retail petrol station network in Norway.

The network is the third-largest in Norway,  selling about 20pc of all retail volumes.

The acquisition expands DCC's forecourt business in Europe. It already owns networks in Sweden and France.

DCC, A FTSE-100 company, is also the largest supplier of home heating oil in the UK. It also supplies gas in France, and is a distributor of electronic equipment and has a waste management arm as well as a healthcare distribution business.

Esso’s retail petrol station network in Norway includes a national network of 142 company-operated sites, 15 of which are unmanned, and has contracts to supply 108 Esso-branded dealer owned stations.

DCC, whose chief executive is Tommy Breen, also bought its forecourt operations in France from Esso.

Releasing an interim management statement this morning, DCC said that group operating profit for the third quarter that ended on December 31 was “strongly ahead” of the prior year and in line with expectations.

It said its energy division recorded strong operating profit growth.

Its shares were up almost 6pc in London this morning.

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