The acquisition expands Kesko’s B2B technical trade footprint across Sweden, Norway, and Denmark with €2.06bn in combined net sales.
Finnish retailer Kesko will buy Dahl’s Swedish, Norwegian, and Danish businesses from Saint-Gobain for €1.20bn, its largest acquisition to date. The debt-free price excludes lease commitments, rising to €1.51bn when included.
Dahl’s Nordic operations reported €2.06bn in net sales for 2025, with Sweden contributing €922m, Norway €614m, and Denmark €533m. The businesses operate 190 stores, employ 2,700 people, and serve over 70,000 B2B customers.
Kesko will fund the deal through bridge financing from Danske Bank and Nordea Bank, with plans to refinance later. The acquisition strengthens Kesko’s position in plumbing, heating, and infrastructure construction across the Nordics.