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Couche Tard Paid €258 Million In Cash For Topaz

Published on Apr 1 2016 11:58 AM in Retail tagged: Featured Post / Topaz / Esso / Couche-Tard

Couche Tard Paid €258 Million In Cash For Topaz

Couche Tard paid €258 million in cash for the Topaz network of filling stations, according to the Canadian’s company’s investor filings.

The Irish Times reports that the payment was net of unquantified debts that Couche Tard assumed in the deal, and that the sale closed on 1 February, when Topaz and Esso Ireland (which Topaz had recently acquired) satisfied a total of nine bank charges.

Even though the scale of the debts in the two businesses hasn't been made public, the Irish Times says reports earlier this year put a total value of €450 million in the deal.

Owner of Topaz, Denis O’Brien reportedly bought the debts of the fuel retail business for €150 million from IBRC, the former Anglo Irish Bank, before the €75 million add-on of Esso, which took place shortly before the Couche Tard sale.

Official filings also show that O’Brien resigned from the Topaz Energy Group board on 1 February, along with the directors.

© 2016 - Checkout Magazine by Jenny Whelan.

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