Applegreen agrees €16M deal for Dublin Terminal
Fuel retailer Applegreen is to buy a 50% share in the Joint Fuels Terminal in Dublin Port for €15.7 million.
The stake being acquired is owned by Topaz, who took ownership of the stake through its acquisition of Esso’s Irish operation last year.
The Joint Fuels Terminal is one of three fuel importing facilities in the major port, and is currently 50% owned by another competitor, Valero Energy (Ireland).
The deal is subject to approval from the Competition and Consumer Protection Commission, but is expected to be completed in the first quarter of this year.
Applegreen, which floated on Irish and UK stock exchanges in 2015, said it expects the deal to boost earnings from this year.
“The proposed acquisition provides Applegreen with the facility to import fuel directly from refineries thereby securing a strategically valuable platform that provides a competitive supply for the majority of its Irish fuel requirements,” the company said in a statement.
It added that the deal will be funded from its own existing resources.
Applegreen’s share price rose 1.35% in the UK and 2.2% on the Irish exchange immediately after news of the deal emerged.