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Imperial buys German logistics firm

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%.

 
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