EU OKs TPG Buyout of Wilson Logistics

The European Union Commission Tuesday approved the acquisition by Dutch postal and logistics firm TPG NV (TP) of Swedish freight services company Wilson Logistics Holding AB. The price of the buyout is EUR257 million. “As both companies are complementary and do not overlap, the proposed transaction does not raise any competition concerns,” the E.U. Commission said in a statement. The purchase is part of TPG’s goal to increase its global presence and the range of services it offers. It had been looking to acquire a firm that would allow it to enter the global freight forwarding business. Wilson Logistic’s freight forwarding business will complement TPG’s express mail and logistics divisions and will contribute to an increased presence in China, where TPG is investing EUR200 million over the next two years. TPG will complete the deal through its TNT Forwarding Holding AB unit. The firm employs 163,000 people and reported net sales of EUR11.9 in 2003. Wilson Logistics had net sales of EUR700 million in 2003 and is active in 28 countries