UGI to acquire BP's Polish LPG Distribution Business
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 (NYSE: 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