VALLEY FORGE, Pa.--(BUSINESS WIRE)--
UGI Corporation (NYSE: UGI) today announced that its subsidiary, Flaga
GmbH, has reached a definitive agreement to acquire the liquefied
petroleum gas (LPG) distribution business of BP in Poland. BP’s Polish
LPG business distributed over 150 million gallons of LPG in 2011 and
serves the residential, commercial, autogas, and wholesale segments.
UGI’s International Propane business distributed over 600 million
gallons of LPG throughout Europe in fiscal 2012. The transaction is
subject to customary closing conditions including regulatory approval in
Poland, and is expected to close during the first half of 2013. Terms of
the transaction were not disclosed.
Lon R. Greenberg
, chairman and chief executive officer of UGI, said, “We
look forward to adding BP’s Polish LPG business to our existing
footprint in Poland, one of the largest LPG 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.”
UGI is a distributor and marketer of energy products and services.
Through subsidiaries, UGI operates natural gas and electric utilities in
Pennsylvania, distributes propane both domestically and internationally,
manages midstream energy and electric generation assets in Pennsylvania,
and engages in energy marketing in the Mid-Atlantic region. UGI, through
subsidiaries, is the sole General Partner and owns 26% of AmeriGas
Partners, L.P. (NYSE:APU), the nation's largest retail propane
distributor.
Comprehensive information about UGI Corporation is available on the
Internet at http://www.ugicorp.com.
This press release contains certain forward-looking statements that
management believes to be reasonable as of today’s date only. Actual
results may differ significantly because of risks and uncertainties that
are difficult to predict and many of which are beyond management’s
control. You should read UGI’s Annual Report on Form 10-K for a
more extensive list of factors that could affect results. Among
them are adverse weather conditions, cost volatility and availability of
all energy products, including propane, natural gas, electricity and
fuel oil, increased customer conservation measures, the impact of
pending and future legal proceedings, domestic and international
political, regulatory and economic conditions including currency
exchange rate fluctuations (particularly the euro), the timing of
development of Marcellus Shale gas production, the timing and success of
our commercial initiatives and investments to grow our business, and our
ability to successfully integrate acquired businesses, including
Heritage Propane, and achieve anticipated synergies. UGI
undertakes no obligation to release revisions to its forward-looking
statements to reflect events or circumstances occurring after today.
Source: UGI Corporation