Johannesburg - Transport group Imperial Holdings [JSE:IPL] agreed to
pay $368m to buy a German-based logistics firm, it said on Friday, in a move
that expands its existing business in Europe's biggest economy.
Imperial, which also operates auto retail and rental business, said it would pay €173m for Lehnkering Holdings and assume its net debt of €97m.
Duisburg-based Lehnkering is one of Europe's logistics
businesses and its vessels and trucks haul everything from steel to gas.
"Lehnkering provides us with the ideal opportunity to
deliver on our strategy of growing our German operations and to open further
opportunities into Europe and global emerging markets which are served by
German exports," Hubert Brody, Imperial's chief executive officer, said in
a statement.
Imperial said the acquisition, which would be funded through new euro-denominated banking facilities, would enhance its earnings by 4.4%.