Source: UGI Corporation
UGI Corporation (NYSE: UGI) has agreed to acquire the liquefied petroleum gas (LPG) distribution business of BP (NYSE:BP) in Denmark. The business will be managed by UGI’s Flaga GmbH (Flaga) subsidiary. Headquartered in Austria, Flaga distributes more than 70 million gallons of LPG annually in Austria, Czech Republic, Slovakia, Poland, Hungary, Romania and Switzerland. BP distributes nearly 9.5 million gallons of LPG annually in Denmark. Terms of the transaction, which is expected to close in September 2010, were not disclosed.
UGI is a holding company with propane marketing, utility and energy marketing subsidiaries. Through subsidiaries, UGI owns 44% of AmeriGas Partners, L.P., the nation's largest retail propane marketer, and owns Antargaz, one of the largest LPG distributors in France.