EU clears Kesko’s record acquisition

The largest transaction in Kesko’s history has received EU Commission approval. The Finnish group’s acquisition of the Dahl companies from Saint-Gobain is expected to close by the end of 2026.

The European Commission has approved Kesko’s acquisition of the Dahl companies in Sweden, Norway and Denmark from Saint-Gobain. Other regulatory approvals are already in place, but additional conditions must be met before the deal can close. Kesko expects completion by the end of 2026.

It will be the largest transaction in Kesko’s history. The acquired companies had combined net sales of nearly EUR 2.1 billion in 2025 and EBITDA of EUR 146 million.

The deal expands Kesko’s reach in HVAC and infrastructure construction across Scandinavia. Dahl in Sweden and Brødrene Dahl in Norway and Denmark will continue as three separate units under their existing brands.

The Dahl companies complement Kesko’s building and technical trade division. Following the acquisition, it becomes the group’s largest sales division. The deal also makes Kesko significantly more international, with over a third of sales coming from outside Finland.