4th Jun 2018 12:02
LONDON (Alliance News) - Xpediator PLC said Monday it has entered into an agreement to acquire the entirety of freight forwarder Anglia Forwarding Group Ltd.
The freight management services provider said the deal consists of an initial cash consideration of GBP1.5 million plus a further estimated GBP700,000 reflecting Anglia Forwarding's surplus working capital position at completion of the deal.
Xpediator may also pay up to GBP2.0 million extra depending on the profitability of Anglia Forward in the two years to May-end 2020.
The company said it expects the acquisition, which will be funded from existing resources, to be "earnings enhancing immediately".
Anglia Forwarding generated revenue of GBP13.5 million for its year ended July 2017, and operating profit of over GBP400,000.
Xpediator Chief Executive Officer Stephen Blyth said: "Anglia Forwarding is an exciting addition to the Xpediator Group, which will significantly strengthen our air and sea freight operations as well as add complementary European road routes."
Xpediator shares were trading 4.4% higher on Monday at 63.66 pence.
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