Swiss Post acquires majority in German GHP
Swiss Post has bought a majority in German direct marketing and customer management company GHP Holding GmbH, Swiss Post said on July 25, 2006.
Swiss Post has acquired two-thirds in GHP, but has the option to fully take over the German company by the end of 2008.
The purchase price is in the two-digit million euro range.
According to analysts’ estimates, the deal price corresponds to between 11 pct and 15 pct of GHP turnover, or between 30 mln euro (USD37.7 mln) and 40 mln euro (USD50.3 mln). Swiss Post did not comment that.
The price depends on GHP 2007 and 2008 financial results, Swiss Post CFO Hans-Peter Strodel said.
The deal is subject to the approval of the anti-trust authorities.
Following the acquisition, by which Swiss Post aims to compensate the declining volumes in its core letter and parcel activities, GHP will keep its name, management and staff of 2,800.
GHP (www.ghp.de) generated a consolidated turnover of 260 mln euro (USD327 mln) in 2005. It is active in Germany, the Czech Republic, Hungary, France, Russia, Vietnam and Israel.
www.handelsblatt.com
Source: Handelsblatt
