DCC complete Butagaz takeover in €464m deal
DCC, the Irish distribution group, has completed the the acquisition of French liquefied petroleum gas (LPG) supplier, Butagaz, ahead of schedule, in a deal worth €464m.
The deal, which is the biggest in DCC's history, means that the company will now be consolidated from the start of September.
The original agreement for the acquisition was announced by DCC back in May and the market responded, as shares rose by 11pc the day after the announcement.
The acquisition of Butagaz marks DCC's first entry into the French LPG market. Butagaz is the second-biggest operator in the sector there, with a 25pc market share. The acquisition will increase DCC's earnings before interest and tax by about £54m (€74m).
The foray into the French LPG market has been partly driven by the scale of the French market, which is twice the size of the UK's.
Butagaz is a major player in the French LPG market and is the second largest operator there, accounting for 25pc of the market share.