Kesko expands in Nordic wholesale, shares in focus after €1.2 billion Dahl deal

By Thomas Klein, Operations & Strategy desk. Reviewed prior to publication on 2026-06-28, 12:13.

Kesko (FI0009000202) has agreed to buy Nordic wholesaler Dahl’s operations in Sweden, Norway and Denmark from France’s Saint-Gobain for €1.2 billion, the largest acquisition in its history as reported by Reuters.Reuters coverage of the Dahl acquisition The move deepens Kesko’s footprint in the Nordic technical wholesale segment, where peers such as Saint-Gobain and Rexel also compete.

What Reuters reports on Dahl

According to Reuters, Kesko will acquire Dahl’s heating, plumbing, infrastructure and building services distribution businesses in Sweden, Norway and Denmark for an enterprise value of €1.2 billion.Reuters deal terms and segment description The assets generated around €2.3 billion in net sales and €120 million in EBITDA in 2025, giving an implied EV/EBITDA multiple of roughly 10 times.

The transaction is structured as a share deal and is subject to customary regulatory approvals and competition clearances in the Nordic markets, with closing targeted for the first half of 2027.Kesko investor relations release on the Dahl acquisition Kesko plans to integrate Dahl into its Building and Technical Trade division, which already includes Onninen and K-Rauta chains.

Strategy and Sunday background

Kesko positions the Dahl acquisition as a strategic step to build a leading Nordic technical wholesale platform, expanding its presence from Finland into Sweden, Norway and Denmark with strong local brands.Kesko strategy outline for building and technical trade Management expects meaningful synergies from procurement, logistics and digital tools across the combined wholesale network.

Dahl’s network of more than 200 branches in the three countries complements Kesko’s existing store and distribution footprint and enhances its ability to serve professional customers in construction and infrastructure projects.Saint-Gobain announcement of the Dahl disposal Kesko notes that the acquisition supports its long-term target of profitable growth in the B2B building and technical trade segment, which it considers structurally more stable than pure consumer retail.

What the company sells

Kesko generates revenues primarily from grocery trade, building and technical trade, and car trade, with the K-Citymarket and K-Supermarket chains central to its Finnish grocery operations.Kesko description of its main business divisions In building and technical trade, Onninen and K-Rauta supply construction professionals and consumers with materials and installation services.

Where the stock trades today

The Kesko shares (FI0009000202) trade on Nasdaq Helsinki at 17.80 euros as of 2026-06-28, 09:55 local time, based on Nasdaq Helsinki data.Nasdaq Helsinki price information for Kesko

This text is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell securities. All data are based on sources believed to be reliable but may be subject to change. Investors are responsible for their own investment decisions.