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5.7 billion euros! MSC completes the acquisition of the logistics company
Dec 23,2022
MSC Group has confirmed that its wholly owned subsidiary SAS Shipping Agencies Services has completed the acquisition of Bolloré Africa Logistics. MSC said the deal had been approved by all regulatory authorities. At this point, MSC, the world's largest container liner company, has acquired ownership of this large logistics operator in Africa and will provide services to a series of ports across the African continent.
As early as the end of March 2022, MSC announced the acquisition of Bolloré Africa Logistics, saying that it had entered into a share purchase agreement with Bolloré SE to acquire a 100 per cent stake in Bolloré Africa Logistics, including all Bolloré Group's shipping, logistics and terminal operations in Africa, as well as terminal operations in India, Haiti and East Timor. Now the deal for a total of 5.7 billion euros has finally been completed.
According to the company's statement, MSC's acquisition of Bolloré Africa Logistics SAS and its subsidiary Bolloré Africa Logistics Group highlights MSC's long-term commitment to investing in Africa's supply chain and infrastructure, supporting the needs of both corporate customers.
"This transaction will strengthen MSC's long-standing relationship with its African business and will reinforce our commitment to economic growth on the continent, including investments in ships, shipyards, container terminals, logistics solutions, storage facilities, road and rail networks, which will support and enhance trade across the continent and with the rest of the world," said Diego Aponte, MSC Group CEO.
MSC will launch a new brand in 2023, Bolloré Africa Logistics Group will operate as an independent entity under the new name and brand, continuing to work with its diversified partners, while Philippe Labonne will continue as president of Bolloré Africa Logistics.
The MSC intends to continue to strengthen the continent's trade links with the rest of the world and to promote intra-African trade while implementing continental free trade. "Backed by the financial strength and operational expertise of the MSC Group, the Bolloré Africa Logistics will be able to meet all its commitments to the government, particularly with regard to port concessions," the shipping company said in the announcement."
Diego Aponte, President of MSC Group, said: "We are very pleased to complete the acquisition of Bolloré Africa Logistics and welcome more than 21,000 new colleagues to the MSC family. I would like to thank the Bolloré family, especially Cyrille, for the smooth and efficient way in which the transaction was conducted and congratulate them on creating such a mature business system."
Extended reading
In December 2021, MSC made a takeover offer to Bolloré Group Africa Logistics, a third-party logistics provider headquartered in France. MSC offered to buy a 100 percent stake in Bolloré Africa Logistics at a valuation of 5.7 billion euros ($6.7 billion).
Bolloré Africa is Logistics the 21st largest logistics provider in the world and the largest logistics operator in Africa. The company carries out terminal operations and ship agency business in 42 ports in Africa, mainly managing 16 container terminals and 7 ro-ro terminals in Central and West Africa. Revenue for 2020 is $5.3 billion.
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