Brief: CTT And DHL Creates JV For E-Commerce In Iberia

CTT - Correios de Portugal SA

19/12/2024 08:06

Dec 19 (Reuters) - CTT Correios de Portugal SA  CTT.LS :
    * PARTNERSHIP WITH DHL FOR E-COMMERCE IN IBERIA
    * CREATES JOINT VENTURE WITH DHL WITH ESTIMATED DAILY
CAPACITY
OVER 1 MILLION SHIPMENTS AND OUT-OF-HOME SERVICES
    * CTT EXPRESSO TO FULLY BUY DHL PARCEL PORTUGAL
    * CTT TO FURTHER BUY INDIRECT 25% STAKE IN DHL PARCEL IBERIA
VIA
DANZAS
    * DHL TO BUY 25% STAKE IN CTT EXPRESSO
    * BOTH COS WITH OPTION TO INCREASE THEIR MUTUAL
SHAREHOLDINGS UP
TO 49% STAKES
    * CTT EXPRESSO TO CONTINUE TO BE FULLY CONSOLIDATED BY CTT
THAT
RETAINS 75% CONTROLLING STAKE
    * TRANSACTION VALUES CTT EXPRESSO AT ENTERPRISE VALUE OF 482
MILLION EUROS, DHL PARCEL IBERIA AT 106 MILLION EUROS, DHL
PARCEL PORTUGAL AT 12 MILLION EUROS
    * REITERATES ITS 2024 AMBITIONS

Source text: https://tinyurl.com/bdf2p7ch
Further company coverage:  CTT.LS 

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