Ireland’s Competition and Consumer Protection Commission has approved the purchase of oil company Esso by Irish gas station chain Topaz, reported RTÉ News.
The acquisition has expanded the Topaz network to 425 service stations nationwide, raised the number of its employees to 2,000, and has given it a 35% share of Ireland’s fuel retailers market.
An annual revenue of around EUR 3.5 billion is also what the new entity is expected to gain making it one the 10 largest companies in the country.
This is the third time Topaz has purchased a large oil company as it bought Shell’s Irish operations in 2005 and Statoil’s in 2006.
Commenting on the approval, Chair of the Competition and Consumer Protection Commission Isolde Goggin said, “Our role in reviewing mergers and acquisitions is to ensure that they do not substantially lessen competition in any market for goods or services in the State.”
The Commission, moreover, directed Topaz to dispose of three Esso service stations in the Dublin area and divest Esso's 50% share and interest in a sea-fed terminal located at Dublin Port.
The deal is expected to formally close on December 1.
