GeoPost is to take a significant stake in Spain’s leading courier and express network Seur (Servicio Urgente de Transporte).
The 60percent stake in Seur’s Madrid franchise accounts for around 20percent of the network’s overall business.
Leading express transport company Seur said Monday that it has put off
plans to seek a stockmarket listing for at least three or four years
following the acquisition of a 12.72 percent stake in the company by
French group GeoPost.
Seur was initially planning to float the company next year.
Read MoreLeading express transport company Seur said Monday that it has put off plans to seek a stockmarket listing for at least three or four years following the acquisition of a 12.72 percent stake in the company by French group GeoPost.
Seur was initially planning to float the company next year.
Seur executive vice-president Ramón Mayo said: “Seur is not planning a stockmarket float within a period of three or four years, but will study then whether or not this possibility is convenient for the company in the future. Mayo said if Seur does eventually seek to list its shares it will do so accompanied by GeoPost.
Read MoreLa Poste, the French post office, has paid 90m euros for a 12.8 per cent stake in Seur, the Spanish parcel delivery group, up until now an entirely private company. The operation was carried out via Geopost, La Poste’s urgent transport subsidiary. La Poste is also acquiring 60 per cent of Seur’s Madrid franchise, its largest. UK investment bank Rothschild acted as advisor. Julian Recuenco, owner of Seur’s Seville and Malaga franchises, is the second largest shareholder after La Poste, with 6.2 per cent.
Read MoreShareholders holding 78.8 pct of logistics group Seur have closed a deal with state-owned French postal service La Poste over the acquisition of the Madrid franchise, representing 21.2 pct of the company, Cinco Dias reported Saturday, without naming a source. JP Morgan and private equity firm Bridgepoint have also been interested in acquiring the stake, currently in the hands of Seur founder and chairman Justo Yufera.
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