Applegreen set to buy Topaz’s stake in Dublin Port fuel terminal

Competition commission ordered Topaz to sell its 50 per cent share as a condition of buying Esso Ireland

 Applegreen has been confirmed as the successful bidder for Topaz’s stake in the Dublin Port fuel terminal, whose other shareholder is Texaco Ireland owner, Valero. Photograph: Cyril Byrne

Applegreen has been confirmed as the successful bidder for Topaz’s stake in the Dublin Port fuel terminal, whose other shareholder is Texaco Ireland owner, Valero. Photograph: Cyril Byrne

 

Service station chain Applegreen looks poised to buy the wholesale fuels business that Topaz must sell as a condition of buying Esso Ireland.

The Competition and Consumer Protection Commission (CCPC) ordered Topaz to sell Esso Ireland’s 50 per cent share in a Dublin Port fuel terminal as a condition of allowing it to buy its rival for €75 million in late 2015.

Dublin-listed Applegreen has been confirmed as the successful bidder for Topaz’s stake in the terminal, whose other shareholder is Texaco Ireland owner, Valero.

The CCPC confirmed on Friday that Applegreen has informed it that it has agreed a deal to purchase the terminal share from Topaz. The commission has to investigate and approve any sale. The first phase of its inquiry must be completed by May 5th.

Esso Ireland

Topaz bought Esso Ireland in October 2015, shortly before its then owner, businessman Denis O’Brien, sold the enlarged group to Canada’s Alimentation Couche-Tard for €450 million.

Applegreen emerged shortly afterwards as the frontrunner for the 50 per cent share in the fuel terminal while Valero was tipped as a possible bidder for the stake that it did not own.

However, it was thought that the CCPC would have had concerns about a Valero bid, as this would give the group control over a facility that supplies the Republic’s wholesale fuels market.