Brief: CTT Enters Into Agreement For Acquisition Of CACESA

CTT - Correios de Portugal SA

18/12/2024 06:18

Dec 18 (Reuters) - CTT  CTT.LS : 
    * SAID ON WEDNESDAY IT HAD ENTERED INTO AGREEMENT FOR
ACQUISITION
OF TOTAL SHARE CAPITAL OF COMPANIA AUXILIAR AL CARGO EXPRES
("CACESA")
    * OPERATION FOR A TOTAL CONSIDERATION OF EUR 104 MLN
    * TRANSACTION THROUGH SUBSIDIARY CTT EXPRESSO
    * ACQUISITION VALUES COMPANY AT ENTERPRISE VALUE OF EUR 91
MLN,
EQUIVALENT TO A MULTIPLE OF 5.5X EBIT
    * TRANSACTION EXPECTED TO CLOSE IN MARCH OR APRIL 2025
    * WILL FINANCE TRANSACTION WITH DEBT THROUGH COMMITMENTS
ALREADY
AGREED WITH A GROUP OF RELATIONSHIP BANKS
    * ACQUISITION EXPECTED TO GENERATE OPERATIONAL SYNERGIES
THAT WILL
RESULT IN INCREMENTAL EBIT OF MORE THAN EUR 5 MLN
    * MAIN REVENUE SYNERGIES EXPECTED FROM EXPANSION OF
LAST-MILE
DELIVERY SERVICES AND INTEGRATION WITH CTT'S CUSTOMS PROCESSES
    * ACQUISITION EXPECTED TO BE ACCRETIVE TO EARNINGS AND CASH
FLOW
AS FROM DAY ONE, WITH +C.20% EPS AND FCFPS ACCRETION BY 2026
(INCLUDING EXPECTED RUN-RATE SYNERGIES)

        
 Source text: https://tinyurl.com/27nd97s3
 Further company coverage:  CTT.LS  

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