Finnish retailer Kesko Oyj has signed an agreement with French Compagnie de Saint-Gobain SA (Saint-Gobain) to acquire Dahl International AB's assets in Sweden, Norway and Denmark for 1.2 billion euros ($1.4 billion). This is reported in a press release from Kesko.
The value of the transaction, including debt obligations, is 1.5 billion euros. Kesko plans to initially finance the deal by attracting a bridge loan from Danske Bank and Nordea Bank Abp, and then refinance with its own and borrowed funds. As part of the deal, the company will issue new shares in the amount of 500-700 million euros.
The transaction is expected to be completed in early 2027, subject to approval from the antimonopoly authorities. The deal will allow Kesko to expand its presence in the markets of heating systems, pipelines and infrastructure construction in the Scandinavian region and transform the business into the largest division ahead of the food retail segment.
Saint-Gobain acquired Dahl in 2004. Earlier, the company signed an agreement with Airvance Group for the sale of a business for the distribution of ventilation systems in the region.
Compagnie de Saint-Gobain is a French multinational company producing and selling glass and building materials. The headquarters is located in Courbevoie (a suburb of Paris, France).
Kesko (Kesko Oyj) is a Finnish holding company in the retail of food, construction materials and automobiles. In addition to its grocery business in Finland, Kesko conducts construction and technical operations in Sweden, Norway, Denmark, Poland, Estonia, Latvia and Lithuania, and sells construction materials in Finland under the Onninen brand. The headquarters is located in Helsinki (Finland).
Dahl International AB is a Swedish company in the wholesale of heating systems, plumbing and industrial pipes. The headquarters is located in Spenga (Sweden) with offices in Denmark, Norway, Sweden, Finland, Estonia and other countries.
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