Thiel beats Deutsche Post to Birkart
The majority of Birkart Globistics AG, the German logistics company, is being acquired by Thiel Logistik of Luxembourg, which has beaten German post and logistics company Deutsche Post to the deal. Thiel said it is acquiring the clothing, exhibition and event, and contract logistics operations of the company, was well as its foreign subsidiaries. The price was not disclosed but it was said to be in the range of 50m-70m euros. The deal will be paid for in cash, shares and external finance.
The acquired activities will record turnover of 410m euros and earnings before interest and tax of 8m-10m euros in 2002, although integration costs will be deducted from the figure. All brands and jobs will be retained.
Abstracted from Frankfurter Allgemeine Zeitung
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