20th Jun 2016 08:09
LONDON (Alliance News) - Postal and logistics operator Royal Mail PLC on Monday said its pan-European logistics arm GLS has acquired Spanish express parcels delivery firm ASM Transporte Urgente.
The acquisition will boost the scale of GLS Spain, allowing it to offer a national and international service, Royal Mail said. GLS Spain largely operates in the country's export market, and the ASM deal will boost its domestic offering.
ASM is the second-largest express parcels network in Spain, operating 16 hubs and branches and over 1,500 daily distribution routes, Royal Mail said.
The consideration for the acquisition will be around EUR71.0 million. For the year to the end of December 2015, ASM delivered around EUR78.0 million in revenue.
Shares in Royal Mail were up 2.8% to 523.25 pence Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
RMG.L