DCC to buy BP unit for €50m
Dublin-listed DCC is to buy BP’s liquid petroleum gas (LPG) distribution business in Britain for €50 million.
DCC said today that the deal is set to go through in September and that it will pay a total of €51.3 million for the business.
BP’s LPG distribution supplies 87,000 tonnes of the fuel to industrial, commercial and domestic users.
On December 31st 2011, its last balance sheet date, it had net tangible operating assets of €38 million.
Commenting on the deal, DCC chief executive said that the Irish group has a strong track record of taking over distribution businesses from oil majors.
The group’s share price was up 1.5 per cent at €20.50 on the back of the news at 12.30 pm today.
DCC’s energy division is the largest of its five businesses.