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Allcargo Logistics unit in pact to buy 75% stake in a German company for €12 million

The logistics company said that the target company had a turnover of approximately €44 million in CY2021.

November 25, 2022 / 09:30 AM IST
 
 
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A subsidiary of Mumbai-based Allcargo Logistics, Allcargo Belgium, has entered into a share purchase agreement to acquire a 75 percent stake in Germany's Fair Trade GmbH Schiffahrt, Handel und Logistik for €12 million in an all-cash deal, the company said.

In a statement to the stock exchanges on November 25, the logistics company said that the target company had a turnover of approximately €44 million in CY2021.

Fair Trade GmbH Schiffahrt, Handel und Logistik provides ocean freight forwarding services in Germany.

According to the filing, the object of the acquisition is to expand full container load (FCL) and less than container load (LCL) business in an

important market with a "synergistic and capable partner".

The share purchase agreement has been executed on 23rd November 2022.

"The Shareholders Agreement will be executed in the next 30-60 days," the company said.

In the early trade today, Allcargo Logistics is trading flatline at Rs 465.90 on the National Stock Exchange.
Moneycontrol News
first published: Nov 25, 2022 09:14 am