The Norwegian competition authority has approved today St1 Nordic Oy’s acquisition of the share capital of Smart Fuel AS, Shell's Norwegian marketing company, from Shell Exploration and Production Holdings B.V. The agreement was signed on 18 December 2014. This corporate acquisition has been approved on the condition that St1 Nordic divests its current business St1 Norge AS in Norway. The acquisition is likely to be closed by the last quarter of this year. As per the seller's request, the commercial terms are not disclosed.
The acquisition will increase St1 Nordic's turnover by approximately EUR 1.5 billion, increasing the group's total turnover to almost EUR 5.5 billion. The acquisition will strengthen company’s Nordic growth strategy, which has a base on a strong station network in all countries in which it operates. St1 Nordic operates in Finland, Sweden and Norway, where it has been in the service station business since 2009.
St1 Nordic Oy
St1 Nordic focuses on fuels marketing activities in Finland, Sweden and Norway and on renewable energy solutions such as waste-based ethanol fuels and industrial wind power.
St1 Nordic’s annual turnover increased to almost 4 billion euros as the transfer of all fuels marketing business from St1 Group to St1 Nordic was completed in 2014. The sister group St1 Group now focuses on oil refining.
CEO Kim Wiio, St1 Nordic Oy, +358 1055 711