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UTi signed an agreement to acquire two freight forwarding agents in Israel

The surviving consolidated entity will operate under the UTi Israel trade name. Mordechai Friedman, Transclal's current CEO and majority shareholder, will become CEO of the newly formed entity
30.04.07 / 00:00
UTi signed an agreement to acquire two freight forwarding agents in Israel
30.04.07
UTi signed an agreement to acquire two freight forwarding agents in Israel

The surviving consolidated entity will operate under the UTi Israel trade name. Mordechai Friedman, Transclal's current CEO and majority shareholder, will become CEO of the newly formed entity
 
UTi Worldwide signed late last week definitive agreements to acquire controlling interests in Newlog as well as certain assets, including goodwill, of Transclal Trade, both of which currently operate as UTi's only airfreight and ocean freight forwarding agents in Israel.
 
Newlog is a subsidiary of Zim Integrated Shipping Services. Under the agreements, Newlog will be merged with the company's wholly-owned Israeli operations, UTi Eilat Overseas. Terms and conditions for the Newlog transaction were not disclosed.
 
In a press release issued last Friday, UTi Worldwide noted that on completion of the transactions, the surviving consolidated entity will operate under the UTi Israel trade name.
 
The merged entity, which will be 75% owned by UTi and 25% owned by Zim, will then acquire 100% of the goodwill, trade name and certain related assets and liabilities of Transclal Trade for the purchase price of between $34 million and $37.5 million cash.

Both deals are subject to various closing conditions, including the requisite regulatory anti-trust approvals, and are expected to close within 60 to 90 days.
 

UTi Worldwide statement also noted that Mordechai Friedman, Transclal's current CEO and majority shareholder, will become CEO of the newly formed entity. Dr. Yoram Sebba, Zim's vice chairman, also will join the newly formed entity as chairman.
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