Logistics, transport and freight forwarding group Norbert Dentressangle has been given the green light by the European Commission (EC) to purchase Laxey Logistics, the holding company which owns fellow supply chain services provider TDG.
The initial agreement for the deal was agreed in November 2010, but this week’s approval by the EC paves the way for the acquisition to take place on March 28th.
Norbert’s purchase, made in partnership with investment group Douglas Bay Capital, values Laxey’s entire share capital at £196 million.
Based in Manchester, TDG operates in a number of other European countries and it reported revenues of £662 million for 2009.
Integrated services offered by the company include logistics, transport and freight forwarding, complementing those provided by Norbert.
Commenting on the acquisition at the time it was first announced, CEO of Norbert François Bertreau said: “TDG is a leading player in the market and we are very happy and proud of this agreement with Douglas Bay Capital.
“While retaining our financial flexibility this transaction consolidates our presence in each of our three sectors and considerably strengthens our freight forwarding business, allowing us to better meet the needs of our clients at international level.”