Deutsche Post to Buy J.F. Hillebrand Group
17 August 2021 - 03:45PM
Dow Jones News
By Kim Richters
German freight-and-logistics company Deutsche Post AG on Tuesday
said that it has agreed to acquire J.F. Hillebrand Group AG at an
equity value of around 1.5 billion euros ($1.77 billion).
Deutsche Post said it would buy up to 100% of the ocean freight
forwarding company in a deal that also includes J.F. Hillebrand's
subsidiaries. It plans to fund the strategic takeover with
available cash.
"With the growing maturity of our freight forwarding business,
this bolt-on acquisition of Hillebrand is highly complementary to
our existing portfolio. In line with our group strategy, we
strengthen our core logistics business and deliver profitable
long-term growth," Deutsche Post Chief Executive Frank Appel
said.
J.F. Hillebrand made around EUR1.4 billion in revenue in the
past twelve months, Deutsche Post said.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
August 17, 2021 09:32 ET (13:32 GMT)
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