(Reuters) – CMA CGM will buy the logistics activities of the Bolloré group for 4.65 billion euros before calculation of debt and cash at the date of completion of the transaction, the two French companies announced on Monday.
The Bolloré group had indicated on April 18 that it had entered into exclusive negotiations with CMA CGM after having received a spontaneous offer to purchase from the Marseilles shipowner, on the basis of an enterprise value (excluding cash and debt) of five billion euros.
In a press release, Bolloré indicated that it had accepted the takeover offer, which ultimately amounted to 4.65 billion euros “taking into account the adjustments decided between the parties”.
According to CMA CGM, the integration of Bolloré Logistics into its operations “would represent an overall turnover of nearly 24 billion dollars (21.77 billion euros)”.
The acquisition of one of the flagships of the Bolloré group allows CMA CGM, which embarked on an acquisition spree after recording significant profits during the coronavirus pandemic, to strengthen its offer of transport services and supply chain management.
In March, the group led by Rodolphe Saadé said it expected that the slowdown in its activity observed at the end of 2022 would continue this year, describing a “degraded market environment for the transport and logistics sector” due to inflation.
By separating from this logistics unit, the Bolloré group marks a turning point after the sale last year of its logistics activities in Africa to the shipowner MSC for 5.7 billion euros. The conglomerate founded by businessman Vincent Bolloré is now focusing more on the media. Vivendi, of which Vincent Bolloré is the largest shareholder, announced last year the takeover of Lagardère, an operation which should enable it to get its hands on the Journal du Dimanche and Paris Match, while it already houses Canal Plus and owns an 18% stake in Universal Music Group.
The activities of the Canal group were strengthened at the start of the year by the purchase of all the titles that Orange held in the OCS pay channel package and in Orange Studio, a film and series co-production subsidiary.
(Report Silvia Aloisi and Victor Goury-Laffont; edited by Jean Terzian)
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