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Saint-Gobain Signs €1.5 Billion Agreement to Divest Dahl Business
Saint-Gobain has entered into a binding agreement to sell its Dahl specialist distribution business in Sweden, Norway, and Denmark for €1.5 billion to Kesko. The business achieved sales of around €2 billion in 2025 and employs 2,700 people across 190 outlets. It is a leader in plumbing, sanitary, and heating distribution in the region. The divestment reflects an enterprise value based on 10.4 times the 2025 EBITDA, including lease commitments, or 14.6 times excluding them.
The transaction is expected to be completed by early 2027, pending approvals from competition authorities and consultations with employee representatives. Saint-Gobain's CEO, Benoit Bazin, emphasized the alignment of this transaction with the company's strategic objectives. Citi and Linklaters advised on financial and legal matters, respectively.
R. H.
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