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MSC announces the acquisition of this well-known European freight forwarder

Mar 27, 2024|View:12

MSC, the world's largest liner Shipping company, through its subsidiary Shipping Agencies Services(SAS), has agreed to acquire a 42 per cent stake in Clasquin, a Paris-listed air and ocean freight agency and logistics specialist.

Under the agreement, SAS will acquire the shares currently held by Clasquin Chairman Yves Revol and Lyon-based private equity firm Olymp, with plans to buy the remaining shares on the market after market close if conditions are met.

SAS is offering just over 142 euros (about $154) per share, slightly above the 130 to 140 euros expected by financial experts, valuing the stake at 325 million euros (about $352 million).

The deal has the backing of Clasquin's CEO and senior management team, who have also committed to tender their own shares in the tender offer, equating to a stake of around 8.5%.

The deal is expected to close by the end of the year, subject to regulatory approvals.

At the same time, SAS will make an open offer to the French Financial Markets authority for the rest of Clasquin at the same price, before delisting if conditions permit.

During the 2023 results conference call, Clasquin CEO Herve Morin revealed that the company has formed an AD hoc committee tasked with proposing to the Board the appointment of an independent expert who will be responsible for drafting the relevant documents.

The Board will meet again after reviewing the report of the independent expert, the recommendations of the AD Hoc Committee and the views of relevant bodies within Clasquin.

He said Clasquin Group will continue to maintain its current management team and brands after the acquisition, particularly operating under the group's brands Clasquin, Timar, LCI Clasquin Cargolution, CVL and Exaciel.

Clasquin would be the latest move in MSC's strategy to expand into the wider logistics sector. Herve Morin explains that Clasquin can create synergies with MSC's Africa Global Logistics (AGL), providing an international freight network to and from the African continent.

Morin explained that Clasquin could provide AGL with an international freight network to and from the continent.

Clasquin has experienced strong growth in Africa in recent years and is in the process of taking full control of its Morocco-based subsidiary Timar, which has a presence in several African countries.

As markets normalised, the Lyon-based company reported revenues of 562.1m for 2023. down 35.9 per cent on the previous year; Gross profit was 143.1 million euros, up 2.2% year on year; Earnings before tax, depreciation and amortisation (EBITDA) were €36.1m, down 10.4 per cent year on year; Total union net profit was 19.9 million euros, down 16.0% year on year.

Clasquin is also expanding into markets in the Near East, Middle East, Maghreb and sub-Saharan Africa.