Allcargo Logistics subsidiary Allcargo Belgium has joined 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.
The company on November 25th in a statement to the stock exchanges said that the target company had a turnover of approximately €44 million in CY2021.
Fair Trade GmbH Schiffahrt, Handel und Logistik provide ocean freight forwarding services in Germany.
The objective 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 company has informed us that the Shareholder’s Agreement will be executed in the next 30-60 days. In the early trade today, Allcargo Logistics is trading flatline at Rs 465.90 on the National Stock Exchange.