Oil giant Shell has sold its Irish retail and commercial fuels business to a consortium led by venture capital group Ion, it emerged today.
Topaz Distribution & Logistics, the company formed to make the acquisition, bought the business for an undisclosed fee.
The company will be one of the State's largest private businesses, and the Shell brand will continue to be associated with it under the new owners.
Irish Shell has six oil-importation facilities in Dublin, Cork, Limerick, Galway, Derry and Greenore. It also owns 35 local distribution depots across Ireland and supplies a network of 160 service stations.
Shell announced it was in negotiation with a number of prospective buyers last month.
Today it was confirmed a consortium led by Ion Equity will directly take a 100 per cent shareholding in the business.
Chief executive of Ion Equity Neil O'Leary confirmed the business was bought as a going concern.
Topaz chief executive designate Danny Murray said: "Our intention is to work with the management and staff to manage the business forward and build on its success to date in offering premium quality service to customers."
Shell said the deal relates to its retail, commercial fuels, lubricants, marine and supply & distribution businesses.
Shell's Exploration and Production business - which operates the Corrib natural gas project in Mayo - and its Aviation, Bitumen and Chemicals businesses will continue to operate in Ireland, the company said.
PA