Applegreen plc has announced 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 €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 the first quarter of this year.
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.
In a statement Applegreen said the proposed acquisition would provide it with the facility to import fuel directly from refineries, thereby securing a strategically valuable platform that provided a competitive supply for the majority of its Irish fuel requirements.
It added that the acquisition, if it completed, was expected to be earnings accretive from 2017.