Kesko plans €500-700 million rights issue for Dahl acquisition financing
Retail group Kesko Oyj is planning a rights issue of B shares to raise approximately €500-700 million to help finance the acquisition of Dahl operations in Sweden and Brødrene Dahl in Norway and Denmark.
Kesko Oyj, a Finnish retail conglomerate, is planning a share issue to raise between €500 and €700 million. The capital raised is intended to refinance a portion of the bridge financing secured for the acquisition of the Dahl companies in Sweden, Norway, and Denmark. The total enterprise value for the acquisition is €1.2 billion.
The company announced on June 15, 2026, its intention to acquire the Dahl entities, which specialize in technical wholesale. While the European Commission granted unconditional approval on September 24, 2026, other regulatory conditions must be met. Kesko anticipates the transaction will be completed by the end of 2026.
Kesko's Board of Directors will convene an Extraordinary General Meeting on October 30, 2026, to seek authorization for the share issue. The company intends to offer new B shares for subscription, a move that will deviate from the statutory pre-emptive subscription rights of shareholders based on share class. The Board plans to launch the issue after all conditions for the acquisition are met and depending on market conditions.
The share issue will proceed only after authorization from the Extraordinary General Meeting and a subsequent decision by Kesko's Board of Directors.