Thursday 30 March 2017

Topaz Esso deal gets green light

Chief executive of fuel group Topaz, Emmet O'Neill
Chief executive of fuel group Topaz, Emmet O'Neill

Topaz's acquisition of Esso in Ireland has been given the green light by the Competition and Consumer Protection Commission.

The deal will see the Esso business aquired by Topaz investments, the parent company of Topaz Energy. Following the acquisition the Topaz network will extend to 425 service stations, 162 of which will be company owned.

The business will have a presence in every county on the island.

Emmet O'Neill, Topaz chief executive, said that in the past decade, Topaz has bought out the Irish businesses of some of the world's biggest oil companies - Shell, Statoil and now Esso.

"This deal adds real substance to our operations here. It will bring our employee numbers in Ireland to 2,000 and we believe there is real scope to develop this business further through innovations like our Re.Store convenience stores and our partnership with Rockets in the years ahead," he said.

The deal is expected to formally close on December 1.

Topaz said the combined entity will have a turnover of around €3.5bn, making it one of the largest 10 companies in Ireland.

Irish Independent

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