DCC to buy Swedish fuel firm
Dublin-based business services firm DCC is to buy Swedish heating oils and transport fuel firm Swea Energi for €22.7m .
Dublin-based business services firm DCC is to buy Swedish heating oils and transport fuel firm Swea Energi for €22.7m .
The acquisition is conditional on competition approval from the European Commission but DCC said it hoped the deal would be completed in early 2012.
Swea is the leading distributor of heating oils and transport fuels to domestic, commercial and industrial customers in Sweden, selling approximately 500m litres of oil a year in the country.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The initial consideration payable on completion for Swea will be SEK205m (€22.7m) on a debt free cash free basis, and will be done in cash, DCC said.
In addition, deferred payment of up to a maximum of SEK60m (€6.6m) would be payable based on Swea's operating profit performance for the twelve months ending 31 March 2013.
In the financial year to 31 December 2010, Swea reported pre-tax profits equivalent to €5.5 million.
DCC chief executive Tommy Breen said the deal marked significant expansion of his firm's oil distribution business in Scandinavia, and built on its 2009 acquisition of Shell's oil distribution business in Denmark.
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published
-
State pension errors for mothers - thousands of cases remain unreviewed with underpayments exceeding £500 million
The DWP has made little progress reviewing state pension errors affecting mothers - with only 0.25% of the 194,000 cases looked at. Could you be owed money?
By Kalpana Fitzpatrick Published