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Irving Oil signs deal to acquire Irish-based group of energy companies

Last Updated Aug 21, 2018 at 12:00 pm EST

Storage tanks are seen at the Irving Oil refinery in Saint John, N.B. on Thursday, Aug. 8, 2013. Irving Oil says it is expanding its reach with agreements to acquire an Irish-based energy marketing and distribution group of companies. THE CANADIAN PRESS/Andrew Vaughan

SAINT JOHN, N.B. – Irving Oil is expanding its reach with agreements to acquire an Irish-based energy marketing and distribution group of companies.

The New Brunswick-based Irving said Tuesday it has signed a deal with Tedcastle, which operates under the brand name Top Oil and is a leading supplier of home heating oil, petrol and diesel fuel in Ireland.

Financial terms of the deal were not immediately available.

“We are looking forward to joining Irving Oil and continuing to grow and develop our business under its umbrella,” Top Oil chief executive Gerard Boylan said in a statement.

A news release from Irving said Top Oil recently expanded operations into aviation fuel, and sells more than one billion litres of fuel every year to commercial and residential consumers in Ireland.

Irving Oil said the acquisition will allow it “to further expand its business across the Atlantic basin,” after an earlier purchase of Ireland’s sole refinery in Whitegate in 2016.

“We’re excited about this opportunity to grow our business in Ireland and work with the Top Oil team,” Irving Oil president Ian Whitcomb said in a statement.

“We have worked hard to build strong customer relationships and establish meaningful community partnerships in Ireland and are delighted to continue to grow our business in this area. It’s a natural fit for us.”

The Competition and Consumer Protection Commission in Ireland still has to approve the acquisition.

Irving Oil said it plans to continue the full operation of Top Oil and its assets if the deal is approved.