Romanian couriers Curiero and TCE Logistica plan merger

Two of Romania’s larger courier companies, Curiero and TCE Logistica, plan to merge in the latest deal in the country’s rapidly consolidating express and parcels market. The new company will be called RTC Logistica.

Under the deal, TCE’s owner, the RTC conglomerate, will become the 70 pct majority shareholder in the merged company, with the former Curiero owner, Marchessa SA, owning most of the remaining shares.

TCE, with revenues of about EUR 11 million in 2007, is the smaller of the two companies but financially stronger. Curiero, with revenues of €14 million last year, said earlier this year it would sell a 25 pct stake to IT services company Asesoft.

The two companies said that their merger is designed to strengthen their competitive position and that they are targeting combined revenues of EUR 30 million this year. The new company will trade under the name RTC Logistica.

There have been several major transactions in the Romanian CEP market this year, including DHL’s acquisition of Cargus, GeoPost’s purchase of a 80 pct stake in Pegasus and the UPS buyout of local partner TCS.

Two of Romania’s larger courier companies, Curiero and TCE Logistica, plan to merge in the latest deal in the country’s rapidly consolidating express and parcels market. The new company will be called RTC Logistica.

Under the deal, TCE’s owner, the RTC conglomerate, will become the 70 pct majority shareholder in the merged company, with the former Curiero owner, Marchessa SA, owning most of the remaining shares.

TCE, with revenues of about EUR 11 million in 2007, is the smaller of the two companies but financially stronger. Curiero, with revenues of €14 million last year, said earlier this year it would sell a 25 pct stake to IT services company Asesoft.

The two companies said that their merger is designed to strengthen their competitive position and that they are targeting combined revenues of EUR 30 million this year. The new company will trade under the name RTC Logistica.

There have been several major transactions in the Romanian CEP market this year, including DHL’s acquisition of Cargus, GeoPost’s purchase of a 80 pct stake in Pegasus and the UPS buyout of local partner TCS.