UGI Corporation Purchases BP Poland
Flaga GmbH, a subsidiary of the UGI Corporation, which purchased Shell Gas (LPG) UK in 2011, has acquired BP’s lpg gas distribution business in Poland. The purchase of BP’s Polish lp gas business, which distributed over 680 million litres of lpg in residential, commercial, lpg autogas and wholesale markets in 2011, is subject to regulatory approval in Poland and is expected to close during the first half of 2013.
UGI’s chairman and chief executive officer Lon Greenberg said: “We look forward to adding BP’s Polish lpg business to our existing footprint in Poland, one of the largest lp gas markets in Europe. The acquisition of this high quality business reaffirms our commitment to add value for our shareholders through profitable growth in Europe and we expect the transaction to be modestly accretive to EPS in fiscal 2014, the first full fiscal year of integrated operations.”