Kuehne + Nagel agrees to buy ACR Logistics for $589 million

Kuehne + Nagel agrees to buy ACR Logistics for $589 million    Swiss forwarding and logistics services provider Kuehne + Nagel International AG has agreed to acquire ACR Logistics (formerly Hays Logistics) for 440 million euros ($529 million). Kuehne + Nagel will also assume a net debt of 50 million euros ($60.1 million).
   Paris-based ACR Logistics was bought by Platinum Equity Group from Hays plc in early 2004. For the 11 months ended Dec. 31, 2004, ACR Logistics posted operating profit’s of 60 million euros ($72 million) based on a revenue of 1.2 billion euros ($1.44 billion).
   The proposed acquisition will be the largest in Kuehne + Nagel’s history, and will be financed with a combination of existing cash and the placement of 1.7 million shares held by Kuehne + Nagel as treasury shares that will be offered to institutional investors.
   “Through its leading market position particularly in Great Britain, France, Italy and the Benelux, ACR Logistics complements Kuehne + Nagel’s contract logistics activities especially in countries where Kuehne + Nagel has no satisfactory presence,” Kuehne + Nagel said.