Royal Mail’s GLS Unit To Buy Rosenau Transport In Canada For C$360 Mln
(RTTNews) – Royal Mail plc (RMG.L), a provider of postal and delivery services, announced Friday that its unit General Logistics Systems or GLS has agreed to acquire Canadian logistics company Mid-Nite Sun Transportation Ltd. The total consideration is C£360.0 million or around 210.5 million pounds on a debt and cash free basis. Mid-Nite Sun is an independent freight carrier in Western Canada that operates as ‘Rosenau Transport’.
The shareholders of Mid-Nite Sun are members of the Rosenau family, the Rosenau Transport management team and their families. The acquisition is expected to be earnings and cash flow accretive to GLS and Royal Mail in the current financial year ending March 31, 2022. The acquisition is subject to customary closing conditions and regulatory approvals.
The parties intend to close the transaction on 1 December 2021 subject to customary closing conditions and regulatory approvals. Following the acquisition, Rosenau Transport will be fully consolidated within GLS for reporting purposes after the transaction closes. It generated revenue of C£175.0 million and EBITDA of C£41.6 million in the 12 months ended August 31, 2021.
It has 24 owned facilities throughout four provinces.
Royal Mail expects the combination of the two businesses to create a network stretching across Canada which will enable GLS to cover the vast majority of the Canadian population and deliver further growth and synergies.
The acquisition will be funded through existing cash and borrowing facilities.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
- ZIYIUI 22 Inch 55cm Reborn Baby Dolls Boys Soft Silicone Vinyl Real Life Baby...
SALE PRICE: £56.60YOU SAVE: £4.00 About this item Size: about 22 inches (55cm); Weight: about 3.3LB(1.5kg).The doll is handmade, there will be some […]
- DreamWorks Trolls World Tour Tour Balloon, Toy Playset with Poppy Doll, with...
RRP PRICE: £20.99SALE PRICE: £14.00YOU SAVE: £6.99 About this item DREAMWORKS TROLLS WORLD TOUR BALLOON: inspired by the film, this toy opens up […]
- Disney Princess Rainbow Reveal Ariel, Color Change Doll, Disney’s The Little...
RRP PRICE: £21.99SALE PRICE: £20.99YOU SAVE: £1.00 About this item RAINBOW REVEAL ARIEL: This Disney The Little Mermaid doll has a tail that […]
- LOL Surprise Soft Plush Doll – Huggable Stuffed Toy with Changeable Outfit...
RRP PRICE: £22.99SALE PRICE: £17.99YOU SAVE: £5.00 About this item CUDDLE UP – The adorable Neon QT plushie is perfect for cuddling. Get ready […]