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Buy-out
Denis O'Brien-owned Topaz to take control of 38 Esso stations
The acquisition will see staff at the Esso stations remain in their positions.
THE SIGHT OF Esso garages around Ireland is set to come to an end, with Topaz Energy Limited today announcing plans to buy up the brand.
The agreement will see Topaz’s parent company Kendrick Investments Limited purchase the shares of Esso Ireland Limited.
The deal will see Topaz take control of around 38 service stations as well as receiving the rights to supply an additional 60 operated by independent dealers.
The incoming Chief Executive of Topaz, Emmet O’Neill, said, “We are an Irish company through and through and this deal demonstrates our commitment to supporting our position in this market. We look forward to welcoming Esso’s employees to the Topaz team.”
The deal is expected to be completed by the third quarter of 2015. The deal will see employees of Esso Ireland and its subsidary Ireland ROC continue in their positions.
Irish billionaire Denis O’Brien has outright ownership of Topaz after buying over €300 million of the group’s loans from the IBRC.
In May of this year, former Taoiseach Brian Cowen was appointed to the board of the company.
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