Saint-Gobain completes the sale of Dahl in Scandinavia to Kesko for €1.5 billion
The building materials group completed, on 2 November 2026, the exit from a distribution business that generated €2,068 million in revenue in 2025. The transaction values this business at €1,518 million in enterprise value.
A network of 190 stores and 2,700 employees transferred
The sale covers Saint-Gobain's specialist distribution activities in Sweden, Norway and Denmark, operated mainly under the Dahl brand. The transaction was completed in favour of Kesko: this is an effective transfer, not an agreement pending completion.
The divested business has 2,700 employees and 190 stores. These staff and this network thus leave the group's scope, along with the commercial activity attached to them.
A valuation of 10.4 times 2025 EBITDA including lease liabilities
The enterprise value retained corresponds to 10.4 times 2025 EBITDA including lease liabilities (IFRS 16). Excluding lease liabilities, the multiple stands at 14.6 times 2025 EBITDA.
The gap between the two ratios stems from the treatment of lease contracts: IFRS 16 records them on the balance sheet, which mechanically raises the reference EBITDA and lowers the multiple. Saint-Gobain publishes both references for this activity, which is tied to a network of stores.
A divestment linked to the "Lead & Grow" strategic plan
Saint-Gobain places this transaction within the framework of its "Lead & Grow" strategic plan, which aims, according to the press release, to optimise the group's business profile.
The order of magnitude becomes clear when compared with consolidated figures: Saint-Gobain generated €46.5 billion in revenue in 2025 and reports 162,000 employees in 81 countries, to be compared with the sales and workforce of the divested business detailed above.
