The highly-acquisitive DCC has announced its first significant step in building the business outside Europe this morning.

The Dublin-based energy, environmental services and IT group is purchasing Shell's Liquefied Petroleum Gas business in Hong Kong and Macau for an enterprise value – purchase price and debt acquired with the business – of £120 million (approximately €140m).

DCC has grown to become one of the largest distributors of liquefied petroleum gas and other fuels across the UK and Europe in recent years.

Its rapid growth in scale and profitability has also seen it rise to become one of the most valued companies quoted on the London Stock Exchange.

In February, DCC announced the purchase of Esso's petrol network in Norway. Costing £235 million (€273.41m), it is the group's largest retail deal to date.

Today's announcement brings to more than £550m (€640.69m) the total amount committed to acquisitions across the DCC group since May 2016. The company has reiterated that operating profits and earnings per share for the year to the end of March will be significantly ahead of last year and in line with expectations.

In another significant development, the man overseeing this strategic expansion will be leaving this summer.

Tommy Breen, DCC chief executive since 2008, has announced he will retire from that position and from the board after its AGM in July. He’s a 30-year veteran of the group and will be succeeded by a 20-year veteran – Donal Murphy, currently managing director of DCC Energy, which is the group's largest division.