LONDON (ShareCast) - (Sharecast News) - Specialist distributor NWF Group revealed on Monday that it has acquired fuel distributor Northern Energy Oil in a deal worth as much as £8.3m.
NWF will pay £7.3m in cash upon completion of the acquisition, funded from existing resources, while a further £1.0m will be held on retention and released in three tranches, subject to certain post-completion conditions.

The AIM-listed group stated the acquisition of Northern Energy Oil was in line with its strategy to grow its fuels distribution business, which represents the third largest operation in the United Kingdom, through consolidation.

Chief executive Chris Belsham said: "We are delighted to announce the acquisition of Northern, which represents an excellent example of NWF's strategy at play to consolidate the highly fragmented fuels distribution market.

"This acquisition, our first since Geoff Boorman in 2023, demonstrates our intent to pursue attractive, earnings-accretive transactions, consistent with our strong and established track record."

As of 1015 GMT, NWF Group shares were down 0.79% at 173.12p.







Reporting by Iain Gilbert at Sharecast.com

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