GeoPost raises stake in Seur to 19.6%
La Poste’s international express subsidiary GeoPost has raised its stake in Spain’s Seur group through their joint venture, Seur-GeoPost, buying Seur’s Santander franchise.
The acquisition of Seur Santander, which turned over EUR 7 million last year and employs 83 staff, is the seventh franchise bought by Seur-GeoPost, the company 60% owned by GeoPost. According to Seur, quoted in the El País newspaper, the joint venture’s purchase of the Santander operation consolidated the alliance between the two groups and represented a reinforcement of the development of Seur in the Cantabrian region of Spain.
Seur, with turnover of EUR 574 million in 2005, is one of the leading express companies in Spain, where the market is growing at about 8% a year and is currently worth some EUR 6.6 billion in revenues.
