UGI Corporation said that its subsidiary, Flaga GmbH, has reached a definitive agreement to acquire the liquefied petroleum gas (LPG) distribution business of BP in Poland.
BP’s Polish LPG business distributed over 150 million gallons of LPG in 2011 and serves the residential, commercial, autogas, and wholesale segments.
UGI’s International Propane business distributed over 600 million gallons of LPG throughout Europe in fiscal 2012.
The transaction is subject to customary closing conditions including regulatory approval in Poland, and is expected to close during the first half of 2013. Terms of the transaction were not disclosed.
Lon R. Greenberg, chairman and chief executive officer of UGI , said, “We look forward to adding BP’s Polish LPG business to our existing footprint in Poland, one of the largest LPG markets in Europe. The acquisition of this high-quality business reaffirms our commitment to add value for our shareholders through profitable growth in Europe and we expect the transaction to be modestly accretive to EPS in fiscal 2014, the first full fiscal year of integrated operations.”
[mappress] LNG World News Staff, November 21, 2012