Kesko Acquires Dahl Operations in Sweden, Norway, and Denmark
Finnish retail conglomerate Kesko Oyj has agreed to acquire technical trade operator Dahl's companies in Sweden, Norway, and Denmark. The transaction, Kesko's largest to date, aims to significantly expand its presence in the Nordic technical trade sector.
Kesko Oyj has announced its agreement to acquire the technical trade operations of Dahl in Sweden, Norway, and Denmark from Saint-Gobain. The combined net sales of the businesses to be acquired were nearly €2.1 billion in 2025. This transaction marks Kesko's largest acquisition and is expected to enhance its position in the Nordic HPAC (heating, ventilation, air conditioning) and infrastructure construction businesses.
The debt-free purchase price is €1,200 million, with the total price including lease commitments amounting to €1,518 million as of the end of 2025. The acquisition is subject to approval from competition authorities. Kesko anticipates synergies and earnings improvements from the deal.
Jorma Rauhala, President and CEO of Kesko, stated that the acquisition aligns with Kesko’s growth strategy, seeking opportunities in the Nordic technical trade market. He noted that Dahl is a leading operator with a strong brand, and the timing is opportune given the growth potential in technical trade driven by increasing complexity in construction and ongoing investments in infrastructure and renovation.
Upon completion, building and technical trade would become Kesko's largest division. This move is projected to increase the division's net sales significantly and broaden Kesko's international footprint, with a substantial portion of future net sales originating from outside Finland. Kesko has prior experience with large technical trade acquisitions, having integrated Onninen following a past purchase.