NZ's Mainfreight buys Holland's Wim Bosman

New Zealand freight company Mainfreight Ltd has bought Netherlands-based Wim Bosman Group for US$153 million to broaden its operations into Europe, reported Reuters.


Mainfreight said it would pay for the Netherlands-based Wim Bosman Group, which operates in 14 European countries, through bank debt and it would lift its gearing ratio to almost 50 percent.


"The acquisition is a strong strategic fit for Mainfreight and will provide an excellent platform for Mainfreight to expand its business and service offering globally," managing director Don Braid said.


The purchase price includes an additional $14 million if Wim Bosman meets earnings targets for the 2011 year. The deal is expected to be completed by April 1.
(Source:http://www.cargonewsasia.com)