UGI Corporation Acquires Dutch Energy Marketing and Services Company
September 05 2017 - 8:30AM
Business Wire
UGI Corporation (NYSE: UGI) announced today that it has acquired
Dutch energy marketer DVEP Investeringen B.V. (“DVEP”). DVEP
markets natural gas and electricity, produced mainly from renewable
sources, primarily to small and medium enterprises in the
Netherlands. One of DVEP’s core businesses is the provision of
fee-based services to other energy marketers in the Netherlands.
DVEP has a 15-year history of providing end-to-end marketing
solutions to the 5th largest energy market in Europe, a strong
track-record of growth and profitability, and will be $0.02
accretive to UGI’s earnings in fiscal year 2018. In 2016, the
company sold approximately 5.3 billion cubic feet of natural gas
and 2.7 terawatt hours of electricity.
John Walsh, president and chief executive officer of UGI
Corporation, commented, “We are pleased to close this important
acquisition and expand our existing energy marketing business in
Europe. We’re also excited about the potential to build on DVEP’s
strong platform of service capabilities, which provides them with a
foundation of fee-based service income. DVEP is a high performing
company with an impressive track record of growth and provides UGI
access to a premier European market and a platform for further
expansion. The acquisition is an example of how UGI will continue
to push the boundaries of its existing businesses, leverage areas
of UGI’s experience, and grow in highly attractive and profitable
markets.”
About UGI Corporation
UGI Corporation 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 ten states, the District of Columbia and
internationally in France, Belgium and the UK. 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.
About DVEP Investeringen:
DVEP Investeringen is a Dutch energy services supplier and
market leader in the supply of energy to schools and municipalities
in the Netherlands. In addition the company focuses on the supply
to the business market through renewable energy sources such as
windmills, solar panels and other generating assets.
(http://www.dvep.nl/over-ons/)
Comprehensive information about UGI Corporation is available on
the Internet at http://www.ugicorp.com.
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