Dominion Gas is on the verge of being sold to a US international gas supplier, the Press and Journal can reveal.
Praxair has agreed to buy 100% of the Aberdeen-based company, which supplies gas to the offshore industry, in what is believed to be a multimillion-pound deal.
Praxair is buying Dominion’s ultimate parent, Dominion Technology Gases Investment (DTGI), which is majority owned by private-equity firm Graphite Capital.
Other shareholders in DTGI include current and former directors.
DTGI employs around 75 people and had annual turnover of £30.5million last year, while operating profits came in at £4.7million.
Dominion Gas said yesterday the deal with Praxair had not yet been completed because it fell within the financial rules of Norway, where competition authorities were reviewing the takeover.
It added: “During the review process, Dominion will continue to operate under its current ownership and management.
“As the review and approval procedure by the Norwegian competition authority is a legal process, neither Praxair, Dominion nor Graphite will make any further comment on the proposed acquisition until this process is concluded.”
Dominion Gas was founded in 1987 by Gareth Jones, who sold the business to Graphite and a new management team – led by Aberdeen businessman George Yule – 20 years later.
Mr Yule remained as chief executive until 2010, when he stepped down to be succeeded by current boss Russel Davies.
In addition to its Aberdeen headquarters, the firm also has bases in Norway, Singapore and west Africa and serves nearly 25 countries.
Connecticut-based Praxair, founded in 1907, employs some 27,000 people in 50 countries.
As well as the energy industry, the company also supplies gases and coatings to the aerospace, electronics, healthcare and food industries.
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