Horoz Logistics Announces Sale of Shares in Horoz Bollore Logistics to Bollore Logistics
Istanbul, Turkey – June 12, 2024 – Horoz Logistics Cargo Services and Trade Inc. has announced the signing of a Share Transfer Agreement with Bollore Logistics. This agreement pertains to the sale of Horoz Logistics’ 47.95% stake in their joint venture, Horoz Bollore Logistics Transportation Inc., a company involved in international sea and air forwarding, project cargo transportation, and domestic container transportation.
This development follows a binding preliminary offer signed on March 4, 2024, as disclosed earlier. The transaction is part of the broader acquisition of the Bollore Logistics group by CMA CGM on a global scale.
Key details of the agreement include:
- The 47.95% stake in Horoz Bollore Logistics, valued at TRY 61,878,690 as per the interim financial report dated March 31, 2024, will be sold for USD 16,270,459. The payment will be made in cash upon completion of the share transfer process (“Closing Date”), adjusted for net debt and net working capital based on independently audited financial statements prepared as of the Closing Date.
- The completion of the transfer is subject to certain closing conditions, including obtaining approval from the Competition Authority.
- The transaction is expected to be finalized within the next three months.
- The sale will not adversely impact Horoz Logistics’ sales volume and revenue. Instead, it is anticipated to enhance the company’s resources as the shares were classified under tangible fixed assets held for sale as of March 31, 2024.
- Horoz Logistics will continue to provide international sea and air forwarding, project cargo transportation, and domestic container transportation services under its own operations following the share transfer.
The proceeds from the share transfer, which were not included in the company’s business plan and net cash/debt calculations during the IPO preparation process, will be utilized as additional resources in the company’s financials.
Further significant developments regarding this transaction will be disclosed to the public as they occur.
