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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