Ljubljana, 13 November (STA) - Pošta Slovenije, the state-owned postal operator, completed the acquisition of a 72% stake in logistics company Intereuropa on Wednesday.
Following a May deal with a consortium of banks selling the stake and clearance from the competition watchdog, Pošta Slovenije purchased 9,168,425 regular and 10,675,965 priority shares at EUR 1.45 per share for a total of EUR 28.75 million.
The company will publish a takeover bid for the outstanding Intereuropa stock and for its subsidiaries in Serbia, Montenegro and Bosna-Herzegovina in line with competition law.
Pošta's director general Boris Novak said today the acquisition was one of the most important steps in the company's history and its biggest investment to date.
He announced that Intereuropa's integration into the Pošta Slovenije group would create one of the biggest logistics companies in the country.
"Our goal is to become the leading provider of comprehensive logistics solutions in the wider SE European region. Intereuropa's integration will not affect our basic calling and activities. At the same time a consolidation of logistic and package services, which are not part of universal services, will enable both companies to grow and develop," Novak added.
The Pošta Slovenije group plans to increase revenue to almost EUR 450 million next year as a result of the acquisition, while the revenue structure will also change. Last year, letter services, which are on the decline, accounted to two thirds of Pošta's revenue, while logistic and package services are expected to already account for over 50% next year.
Pošta Slovenije reported net sales of almost EUR 251 million for last year. Net profit was up 18% to EUR 10.5 million. While postal services accounted for 77% of sales, logistics contributed 6%.
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.