Business News

Postal operator cleared to acquire logistics company Intereuropa

Ljubljana, 05 September (STA) - Pošta Slovenije, the state-owned postal operator, has received clearance from anti-trust authorities to acquire logistics company Intereuropa. The takeover is in line with competition rules, the Competition Protection Agency said in a decision published on Thursday.

The postal company acquired a 72% stake in Intereuropa from six banks in May and is now expected to publish a takeover bid for the outstanding stock in line with competition law.

The value of the deal has not been disclosed yet, but the business daily Finance has reported the transaction being in EUR 40 million range, or EUR 100 million together with debt. On the Ljubljana Stock Exchange the 72% stake was worth roughly EUR 30 million today.

Pošta Slovenije has described Intereuropa as "a good match" and hopes to extract significant synergies from the acquisition.

Intereuropa generated EUR 80.57 million in sales revenue in the first half of the year, slightly more than in the same period last year, while net profit was up by 14% to EUR 3.07 million.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) were up 3% to EUR 7.07 million, and operating profit increased by 2% to EUR 6.84 million.

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