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UGI Announces Purchase of Danish LPG Business from BP

^{Published on 2010-08-11 13:40:51 - Market Wire}
 

VALLEY FORGE, Pa.--([ BUSINESS WIRE ])--UGI Corporation (NYSE: UGI) today reported that it has agreed to acquire the liquefied petroleum gas (LPG) distribution business of BP in Denmark. The business will be managed by UGIa™s Flaga GmbH (Flaga) subsidiary. Headquartered in Austria, Flaga distributes more than 70 million gallons of LPG annually in Austria, Czech Republic, Slovakia, Poland, Hungary, Romania and Switzerland. BP distributes nearly 9.5 million gallons of LPG annually in Denmark. Terms of the transaction, which is expected to close in September 2010, were not disclosed.

"This acquisition provides an attractive opportunity to expand our footprint in Europe with a well established and well respected market leader. We look forward to welcoming the LPG customers and employees of BP in Denmark to the UGI family."

Lon R. Greenberg, chairman and chief executive officer of UGI, said, aThis acquisition provides an attractive opportunity to expand our footprint in Europe with a well established and well respected market leader. We look forward to welcoming the LPG customers and employees of BP in Denmark to the UGI family.a

UGI is a holding company with propane marketing, utility and energy marketing subsidiaries. Through subsidiaries, UGI owns 44% of AmeriGas Partners, L.P., the nation's largest retail propane marketer, and owns Antargaz, one of the largest LPG distributors in France.

Comprehensive information about UGI Corporation is available on the Internet at [ http://www.ugicorp.com ]

This press release contains certain forward-looking statements which management believes to be reasonable as of todaya™s date only.Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond managementa™s control.Among them are adverse weather conditions, cost volatility and availability of all energy products, including propane, natural gas, electricity and fuel oil, increased customer conservation measures, the impact of pending and future legal proceedings, and domestic and international political, regulatory and economic conditions including currency exchange rate fluctuations, particularly the euro.You should read UGIa™s Annual Report on Form 10-K for a more extensive list of factors that could affect results.UGI undertakes no obligation to release revisions to its forward-looking statements to reflect events or circumstances occurring after today.