Brief: Id Logistics To Acquire Kane Logistics For $240 Million

Id Logistics SAS

14/02/2022 06:53

Feb 14 (Reuters) - ID Logistics SAS  IDLA.PA :
    * ID LOGISTICS SIGNED AGREEMENT TO ACQUIRE 100% OF KANE
LOGISTICS
IN UNITED STATES (2021 REVENUES OF $235 MILLION)
    * EXPANDS PRESENCE IN U.S. WITH 20 NEW LOCATIONS, NEW
BLUE-CHIP
CUSTOMERS AND EXPERIENCED MANAGEMENT
    * MAINTAINING A SOUND FINANCIAL STRUCTURE WITH A PRE-IFRS16
DEBT
TO EQUITY RATIO ESTIMATED AT 2.6X POST-ACQUISITION PROFORMA
EBITDA
    * KANE LOGISTICS NOW OPERATES 20 HUBS ACROSS COUNTRY
(ESPECIALLY
IN PENNSYLVANIA, GEORGIA, OHIO, ILLINOIS AND CALIFORNIA)
REPRESENTING 725,000 SQUARE METERS
    * AT CLOSING, TRANSACTION WILL BE BASED ON AN ENTERPRISE
VALUE OF
$240 MILLION AND WILL BE SETTLED ENTIRELY IN CASH
    * GROUP WILL RELY ON MANAGEMENT OF KANE LOGISTICS TO MANAGE
ALL
ITS NORTH AMERICAN ACTIVITIES
    * THIS ACQUISITION WILL BE ACCRETIVE ON EBITDA OF ID
LOGISTICS
GROUP FROM FIRST YEAR OF CONSOLIDATION
    * TRANSACTION REMAINS SUBJECT TO APPROVAL OF COMPETENT US
ANTITRUST AUTHORITIES
    * ACQUISITION IS EXPECTED TO BE COMPLETED BEFORE SUMMER OF
2022

Source text for Eikon:  ID:nBw7zF50ra 
Further company coverage:  IDLA.PA 

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