Portugal CTT likely to make new acquisitions in Spain
Portugal’s postal operator CTT-Correios de Portugal has an option to make new acquisitions on the market in Spain, it was reported on October 11, 2005.
Investments in new acquisitions on the Spanish market are estimated to amount to between 8.0 mln euro (USD9.6 mln) and 10 mln euro (USD12 mln), CTT’s chairman, Luis Nazare, said.
The option is part of the acquisition of Spanish express mail operator Tourline Express by CTT in the middle of the 2005 summer. CTT acquired Tourline Express for 27.5 mln euro (USD32.9 mln) in July 2005. The acquisition of Tourline Express was the first step in the process of integration of all CTT’s operations in the segment of express mail deliveries on the Iberian Peninsula market. The Tourline Express acquisition was also part of CTT’s strategy project for expansion on the international market in the next few years.
The option for further acquisitions in Spain envisages purchase of a mail business in Madrid’s region. CTT will analyse the possibilities and will take a decision on the future acquisition by the end of 2005, Nazare added.
