UAC of Nigeria plc has informed the Nigeria Stock Exchange and investing public that it has entered into an agreement with imperial logistics limited under which imperial logistics ltd proposed to increase its shareholding in MDS logistics ltd from 49% to 57%, by acquiring an additional 8% shareholding from UAC Nigeria.
Under the terms of the transaction, imperial logistics will transfer selected profitable contacts to MDS and pay $24 million in cash, this transaction is base on a $40 million equity value for MDS.
A division of UACN, MDS Logistics Ltd is a leading integrated logistics services provider, through its network of warehousing and distribution assets. MDS is a critical supply chain and distribution partner to some of Nigeria’s leading corporates.
Imperial logistics is mainly an African Eurozone logistics provider of outsourced integrated freight management, contract logistics, and distributorship. The group is listed on the Johannesburg Stock Exchange in South Africa and employs 25,000 people in 32 countries.
The transaction is subject to relevant regulatory approval.