Allcargo Logistics said that its wholly owned subsidiary Allcargo Belgium N.V. has entered into share purchase agreement with NBG Logistik Beteiligungs- und Beratungsges. mbH to acquire 75% stake in Fair Trade GmbH Schiffahrt, Handel und Logistik.
Fair Trade GmbH Schiffahrt, Handel und Logistik is a full container load (FCL) and less-than-container load (LCL) consolidation services provider, operating in Germany with offices in Bremen and Hamburg.
The company handles inbound and outbound freight to / from multiple destinations globally. The company had turnover of approximately EUR 44 million in CY2021.
Allcargo Logistics said that it has made this acquisition for the expansion of FCL and LCL business in an important market with a synergistic and capable partner.
The company said that the share purchase agreement has been executed on 23rd November 2022. The shareholders agreement will be executed in the next 30-60 days. Transaction will be compliant with local requirements, it added.
The cost of acquisition of 75% stake is approximately EUR 12 million, subject to finalization of accounts as on closing date. On completion of transaction, Allcargo Belgium NV will hold 75% stake in Fair Trade GmbH Schiffahrt, Handel und Logistik.
Allcargo Logistics is an integrated logistics service provider and operates in multiple business segments - multimodal transport operation (MTO), container freight station (CFS) / inland container depot (ICD), projects and engineering (P&E), contract logistics, and Logistics Parks (LPs) in which it has forayed recently.
The company's consolidated net profit declined 7.21% to Rs 211.57 crore on a 6.48% rise in sales to Rs 5,300.22 crore in Q2 FY23 over Q2 FY22.
The scrip fell 1.64% to currently trade at Rs 456 on the BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
