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Applegreen PLC (APGN)

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Wednesday 04 January, 2017

Applegreen PLC

Acquisition

RNS Number : 2617T
Applegreen PLC
04 January 2017
 

This announcement contains inside information within the meaning of the EU Market Abuse Regulation 596/2014

 

Applegreen plc

("Applegreen" or the "Company)

Proposed acquisition of 50% of Dublin fuel terminal

Dublin, London, 4 January 2017:

Applegreen plc is pleased to announce that it has entered into a conditional agreement to acquire a 50% share in the Joint Fuels Terminal in Dublin port from the Topaz Energy Group for a consideration of c.€15.7m which will be funded from existing resources. The acquisition is subject to the satisfaction of a number of conditions including the approval of the Competition and Consumer Protection Commission. The transaction is expected to complete in Q1 2017.

The Joint Fuels Terminal, which is 50% owned by Valero Energy (Ireland) Limited, is one of three fuel importing facilities in Dublin port. The interest being acquired was previously owned by Esso Ireland. 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.

This acquisition, if it completes, is expected to be earnings accretive from 2017.

For further enquiries, please contact:

Applegreen

Bob Etchingham, CEO / Paul Lynch, CFO                                      +353 (0) 1 512 4800

 

Drury Porter Novelli (Irish media):

Paddy Hughes                                                                                         +353 (0) 1 260 5000

 

Goodbody

Joe Gill                                                                                                       +353 (0) 1 667 0420

Siobhan Wall                                                                                            

 

Shore Capital

Stephane Auton                                                                                     +44 (0) 20 7408 4090

Patrick Castle

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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