OSLO: 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.
