UTi in talks to buy two Israeli forwarders
Rancho Dominguez, Calif.-based forwarding and logistics company UTi Worldwide Inc., said today it is holding separate negotiations to acquire controlling interests in two Israeli freight forwarders.
UTi is negotiating a $20 million purchase for a 51 percent share in Transclal Trade Ltd. from its majority shareholder and chief executive officer, Mordechai Friedman. Terms between UTi and Zim Integrated Shipping Services Ltd. for a controlling interest in Newlog Ltd., were not disclosed.
“UTi anticipates, if the transactions are completed as currently contemplated, that the operations of Newlog, Transclal and its wholly owned subsidiary, UTi Eilat Overseas Ltd., would be consolidated to create a leading provider of freight forwarding services in this region and that UTi would own a controlling share of the surviving entity,” UTi said in a statement.