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DCC LPG announces expansion into German market

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<p class="at"><span class="text_terms">DCC plc announces that DCC LPG has reached agreement with Linde AG ("Linde") to acquire <span class="af">Tega-Technische Gase und Gasetechnik</span> GmbH, its LPG and refrigerant gas distribution business in </span><span class="text_terms">Germany</span><span class="text_terms"> ("TEGA" or "the business").</span></p>
<p class="at"><span class="text_terms">The transaction is expected to complete before the end of DCC's financial year ending 31 March 2018, following receipt of customary regulatory consents.</span></p>
<p class="at"><span class="text_terms">TEGA, headquartered in Würzburg, employs approximately 100 people across five operating sites, largely in southern </span><span class="text_terms">Germany</span><span class="text_terms">. Tega has revenue of c. </span><span class="text_terms">€75 million</span><span class="text_terms"> evenly split between LPG and refrigerants. The business supplies c. 35,000 tonnes of LPG annually to c. 15,000 domestic and commercial customers. It also supplies refrigerant gases to wholesalers and end-users for use in air-conditioning, commercial cooling systems and refrigerators. The business has operated on a standalone basis within The Linde Group and will continue to be led, post-completion, by its existing, highly experienced management team.</span></p>
<p class="at"><span class="text_terms">The consideration for the transaction will be payable in cash on completion. Following the completion of the acquisition of TEGA and based on acquisition activity to date, DCC will have spent approximately </span><span class="text_terms">£630 million</span><span class="text_terms"> on acquisitions in the financial year ending 31 March 2018.</span></p>
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