Kesko Food to acquire Neste Marketing's holding in Pikoil

Kesko Food Ltd and Neste Marketing Ltd have today signed an agreement under which Kesko Food acquires Neste Marketing's 50 percent holding in Pikoil Oy, a company operating in the liquid fuels and grocery retail market. Pikoil Oy was established in 2003 and the parties have owned it on a fifty-fifty basis. As a result of the deal, Kesko Food becomes the sole owner. The deal is subject to the approval of the Finnish Competition Authority and the fulfilment of other precedent conditions.

The framework of Pikoil's operations consists of K-pikkolo stores, Neste Motorest service stations with restaurant and Neste K-pikkolo service stations with grocery store. The company operates at over 130 business locations and employs about 1,400 persons. The arrangement is not estimated to have any significant impact on the personnel.

The deal is in line with the Kesko Food strategy to strengthen the company's position in the service station market. Plans have been made to expand and develop Pikoil's operations further. Cooperation with Neste Marketing in fuel distribution will continue on current terms. According to the agreement, Neste will also continue as a Plussa partner, and the cards commonly accepted for payment in the Neste chains will continue to be accepted in the Pikoil outlets also after the deal.

Pikoil currently operates 63 service stations with grocery store and 35 service stations with restaurant. The service offer of the Neste K-pikkolo stations comprises a grocery store, refuelling and car wash, whereas the Neste Motorest stations also provide restaurant services in addition to the above. There are 36 K-pikkolo neighbourhood stores mainly located in urban and rural centres.

Further information:
Terho Kalliokoski, President of Kesko Food Ltd, tel. +358 1053 22204