Topaz takeover of Esso approved by competition watchdog
Published 15/10/2015 | 16:07
The Competition and Consumer Protection Commission has approved the purchase of Esso Ireland’s fuels and convenience business in Ireland by Topaz.
In making its decision, the authority directed that Topaz must dispose of three Esso service stations and also its interest in the Joint Fuels Terminal at Dublin Port.
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 of Ireland. Topaz also has market leading home heating and commercial and aviation fuel supply businesses.
Emmet O'Neill, ichief executive of Topaz, welcomed the finalisation of the deal.
“In just 10 years, Topaz has successfully taken on and bought out the Irish retail businesses of three of the largest oil companies in the world (Shell, Statoil and now Esso) to create a truly significant and innovative Irish business and a major Irish employer," he said.
ExxonMobil's Upstream, Chemical and Lubricants businesses in Ireland are not affected by the sale.
The Irish service station market has undergone major changes in recent years with the expansion of Topaz and Applegreen as well as the rise of the independent operator.
That has coincided with the exit from the forecourts market of so-called oil majors such as Statoil and Shell over the last decade.
Topaz / Esso combined will employ 2,000 people across Ireland, have a presence in all 32 counties on the island of Ireland and have a turnover of circa €3.5bn – making it one of largest 10 companies here.
Its parent firm, Kendrick, is owed by businessman Denis O'Brien.