French maritime transport titan, CMA CGM, has announced its acquisition of the UK-based logistics firm, Wincanton. The deal, valued at approximately £569 million, forms part of CMA CGM's strategy to broaden its reach in the UK and Ireland.
The agreement, brokered between CMA's subsidiary, CEVA Logistics UK Rose Limited, and Wincanton plc, is based on a cash offer equivalent to $719 million. This offer, calculated at 450 pence per share, signifies a 52% premium on the closing price of the preceding Thursday.
Wincanton, a significant supply chain collaborator for UK businesses, employs over 20,000 individuals across 170 locations in the UK and Ireland, and operates a fleet of 8,500 vehicles.
Rodolphe Saade, Chairman of CMA CGM, expressed his enthusiasm about the partnership with Wincanton. He highlighted Wincanton's reputation as a trusted supply chain partner for numerous notable British and Irish brands, and its alignment with CMA CGM's goal to augment its footprint in this strategic region.
The announcement sparked a surge in Wincanton's share price, which rose nearly 48% to 438.50 pence on the London stock market.
Source: www.barrons.com