Wincanton sold for GBP 566.9 million
Ceva, a subsidiary of the French shipping company CMA CGM, is buying the British logistics provider Wincanton for the price of GBP 566.9 million. Shareholders will receive 450 pence per share in cash as Wincanton will reach an enterprise value of GBP 764.9 million.
“While we remain confident in the long-term prospects of Wincanton and the wider sector, we recognise that the company’s strong performance has not been reflected in the development of its shares in recent years,” says Wincanton’s chairman, Martin Read.
For Ceva, this is an opportunity to expand its portfolio in the UK. For Wincanton, the deal may provide some stability in the current macroeconomic situation. Both logistics providers have complementary expertise in multiple aspects and markets, such as the grocery and consumer sectors. (mk)