DUESSELDORF, Aug 17 (Reuters) – Deutsche Post said on Tuesday it was acquiring ocean freight forwarder J.F. Hillebrand Group for 1.5 billion euros ($1.76 billion) in cash, as part of a strategy to strengthen its core logistics operations.
“With the growing maturity of our freight forwarding business, this bolt-on acquisition of Hillebrand is highly complementary to our existing portfolio,” CEO Frank Appel said in a statement.
The agreed purchase of Hillebrand, which generated 1.4 billion euros in revenues over the past 12 months and is expected to ship half a million containers this year, will be paid for out of available cash, Deutsche Post said.
The transaction, subject to regulatory approval in jurisdictions including the European Union and the United States, is expected to close in the coming months. ($1 = 0.8499 euros) (Reporting by Matthias Inverardi, Writing by Douglas Busvine Editing by Madeline Chambers)
