Topaz Confirms Esso Ireland Acquisition
Topaz has confirmed it will add 38 Esso garages across the country to its current 120-strong chain after striking a deal with Exxon Mobile.
Denis O’Brien’s Topaz announced the plans, following the agreement of its parent company to purchase the shares of the Esso affiliate in Ireland.
Under the agreement, the Topaz parent company, Kendrick Investments Limited, will purchase the shares of Esso Ireland Limited and its wholly owned subsidiaries, Ireland ROC Limited and Esso Ireland Manufacturing Company Limited.
The deal includes 38 company owned service stations and the right to supply around 60 service stations owned by independent dealers.
Emmet O’Neill, incoming chief executive of Topaz said the deal underlines the commitment of Topaz to the Irish market: “We are an Irish company through and through and this deal demonstrates our commitment to supporting our position in this market. We look forward to welcoming Esso’s employees to the Topaz team.”
Completion, subject to the relevant regulatory approvals, is expected to occur in the third quarter of 2015.