Kesko agreed on 15 June to acquire Saint-Gobain's Dahl technical trade businesses in Sweden, Norway and Denmark for a debt-free price of €1.2bn, excluding lease commitments.
Why Kesko Corporation is buying Dahl (Saint-Gobain's technical trade businesses in Sweden, Norway and Denmark)
Kesko said it had sought major acquisitions in Nordic technical trade for years and described Dahl as a leading operator with a strong brand. The deal would raise technical trade's share of its building and technical trade division from 49% to 65% and international sales from 22% to 33% of group net sales.
“Dahl is a leading technical trade operator in the Nordic countries, with a long history and a strong iconic brand.”
Deal terms and financing
Including lease commitments at the end of 2025 the price is €1,518m, about 10.4 times 2025 EBITDA. The acquired businesses had net sales of €2,068m in 2025: €922m in Sweden, €614m in Norway and €533m in Denmark. Bridge financing from Danske Bank and Nordea will be refinanced with debt and a share issue of about €500-700m.
Regulatory approvals and timing
Completion requires competition clearance, consultations with employee representatives and other conditions. The European Commission unconditionally approved the deal on 24 September 2026, with other authority approvals already obtained, and Kesko expects to close by the end of 2026.
Market context
Dahl distributes plumbing, heating and infrastructure products through about 190 stores and three automated central warehouses, with about 2,700 employees and more than 70,000 customers; about 35% of sales are digital. Dahl in Sweden and Brødrene Dahl in Norway and Denmark will keep their brands.
