In Paris, Saint-Gobain stands out with the sale of its Dahl assets in Scandinavia to Kesko
The shares of the Finnish company, which will have to finance the deal – valued at 1.5 billion – are moving in the opposite direction, partly due to a capital increase
(Il Sole 24 Ore Radiocor) - Saint-Gobain soars on the Paris Stock Exchange, thanks to the agreement to sell its specialist distribution business under the Dahl brand in Sweden, Norway and Denmark to the Finnish distribution group Kesko for an enterprise value of €1.5 billion. The French building materials and services group is thus rising in Paris, whilst Kesko’s shares are moving in the opposite direction on the Helsinki Stock Exchange, after the company indicated that to finance the deal – the largest in its history – it will also resort to a capital increase.
As stated in a press release from Saint-Gobain, the sale is based on an enterprise value of €1,518 million, which represents 10.4 times 2025 EBITDA, including lease commitments, or 14.6 times 2025 EBITDA excluding lease commitments. Excluding leases, the enterprise value is €1.2 billion. The transaction is expected to be finalised by early 2027, subject to approval by the competition authorities and the completion of consultation procedures with trade union representatives. With a turnover of approximately 2 billion euros in 2025, 2,700 employees and 190 sales outlets, Dahl is a leading distributor of plumbing, sanitary and heating products in Sweden, Norway and Denmark.
“This significant transaction is fully in line with our strategy of continuously optimising Saint-Gobain’s business profile through investments, acquisitions and disposals, as part of our ‘Lead & Grow plan,” said Saint-Gobain CEO Benoit Bazin. Kesko will initially finance the acquisition with a bridge loan, which will subsequently be refinanced with equity and debt upon completion of the transaction.
In this context, Kesko intends to carry out a share issue worth between 500 and 700 million euros. “Once completed, the acquisition will make the construction and technical trade division the largest within Kesko. Thanks to this transaction, the largest acquisition in its history and the implementation of its growth strategy, Kesko aims for a group net turnover of around 20 billion euros (€12.5 billion in 2025) and a division net turnover of approximately €10 billion (€4.7 billion in 2025) in the early 2030s. “With this acquisition, we are targeting synergies, volume benefits and improved profitability in the coming years, in line with the target operating margin of 6–8% for the construction and technical trade division,” said Jorma Rauhala, Chairman and CEO of the Finnish group.
