02/12/2015

Canadian Firm To Acquire Topaz

Ireland's largest fuel retailer Topaz Energy Group is to be sold to Canadian company Alimentation Couche-Tard.

The two companies signed an acquisition agreement today, 02 December.

Subject to regulatory approvals and closing conditions, the transaction will be completed in Spring 2016.

Welcoming the move, Topaz Chairman, John Callaghan, said: "We are delighted to have agreed this transaction with Couche-Tard who are recognised as world leaders in the fuel and convenience store industry.  We know they will build on the foundations we have put in place and bring a new dimension to the industry in Ireland to the benefit of the economy, our customers and our staff."

Emmet O'Neill, Chief Executive of Topaz, described the move as a 'game changer' for Ireland's retail sector.

"Couche-Tard is one of the strongest names in retail in the world and their presence in Ireland will transform the retail sector here," he said.

"I am thrilled that they have chosen Topaz as the foundation for their entry to the Irish market.  They will bring enormous skill, energy and resources to this business and this market."

(LM/CD)

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