Report: Merger activity high in transportation and logistics
The number of merger and acquisition deals in the transportation and logistics sector this year “is likely to surpass” 2006 levels, according to accountants PricewaterhouseCoopers.
Intersections, the firm’s quarterly report on merger and acquisition in the transport sector, said that 95 deals were announced in the first nine months of 2007 compared to 115 in all of 2006.
Some of this year’s deals highlighted by PricewaterhouseCoopers included the proposed acquisition of Iberia Airlines by an investor group, the pending purchase of Dakota, Minnesota & Eastern Railroad by Canadian Pacific, as well as completed deals such as CEVA’s purchase of EGL Inc., Fortress Investment Group’s purchase of Florida East Coast Industries, AirCastle’s purchase of Guggenheim Aviation, and the purchase of OMI’s tanker fleet by Teekay and Torm.
The report is available online at www.pwc.com/extweb/pwcpublications.nsf/docid/4401B78EB9264A64852573A20082C233/$File/Intersections_T&L.pdf.