Regulatory approval for PostNord’s Green Cargo Logistics takeover
Scandinavian postal operator PostNord said today it has received clearance for the acquisition of Sweden’s largest third party logistics company. The company revealed back in March it was to buy Green Cargo Logistics, including its property and buildings, from Swedish state-owned Green Cargo.
PostNord said today that with the approval of the Swedish Competition Authority, it can now proceed with the acquisition, which both sides expected to be completed by the end of June.
“The acquisition of Green Cargo Logistics strengthens PostNord’s third-party logistics operations, fully in line with the group’s strategic focus,” said PostNord today in a statement, noting the “significant growth” being seen in the third party logistics sector at present.
Once the deal is concluded, PostNord said Green Cargo Logistics would be renamed and become part of its Logistics division, with the division’s head, Henrik Höjsgaard, serving as chairman of the board of the acquired company.
Green Cargo Logistics recorded sales of SEK 1bn ($150m USD) in 2011, and an operating profit of SEK 61m ($9.1m USD).
The company has a network with 260,000 metres of warehousing space in Sweden and Denmark.
Parent company Green Cargo is selling its logistics business to raise money to invest in its rail business.
