UGI Announces Acquisition of European LPG Businesses

abarrelfullabarrelfull wrote on 17 Oct 2011 08:44
Tags: deals europe lpg shell ugi

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UGI Corporation (NYSE: UGI) today reported that it has acquired Shell's liquefied petroleum gas (LPG) distribution businesses in the United Kingdom, Belgium, the Netherlands, Luxembourg, Denmark, Finland, Norway and Sweden. Due to the confidentiality provisions of the purchase agreement, terms of the transaction were not disclosed. The acquired businesses delivered approximately 300 million gallons of LPG in 2010, the addition of which will expand the scale of UGI's European LPG business to over 700 million gallons.

Lon R. Greenberg, chairman and chief executive officer of UGI, said, "We are pleased to welcome the customers and employees of the acquired businesses to the UGI family. The acquisition of these high-quality businesses reaffirms our commitment to add value for our shareholders through profitable growth in Europe.

The acquired businesses provide UGI with an attractive opportunity to expand our footprint in northern Europe to LPG markets that are in close proximity to our existing operations in France and Central Europe. Despite the transition expenses typically incurred immediately following a transaction of this size, we expect the financial results of the acquired businesses to be modestly accretive to earnings in Fiscal 2012."

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