Gadot will purchase 90% of yet unknown European company that directly and indirectly owns logistics services companies in Western Europe for €12.1 million
Gadot Chemicals Tankers and Terminals Ltd. informed last week it had signed an MOU to buy 90% of a European company that directly and indirectly owns logistics services companies in Western Europe for €12.1 million.
Gadot Chemical Tankers & Terminals Ltd.(GCTT) and its subsidiaries are Israel's leading group of companies in shipping, storage, distribution, marketing, and land transportation of liquid chemicals and oils in bulk and drums for the industry.
According to the MOU the rest of the acquired company 10% will be held by some of the company's managers, including the CEO.
Gadot expects to close the deal, subject to due diligence, by mid or end of October.
Mr. Yehuda Cohen, director general of the company, said in a conversation with PORT2PORT that he was unable to provide details about the European company but noted that last year Gadot purchased a European trading company and now wants to expand its services into the European logistic sector.
Cohen added that Gadot also expects to obtain an option on the European company’s outstanding shares.