File Photo. Image Credit: Vytautas Kielaitis / Shutterstock.com
The world’s largest shipping line, Mediterranean Shipping Company (MSC), has reached an agreement to acquire 100% the African logistic business of Paris-based Bolloré Group for 5.7 billion euros (US $6.4 billion).
The agreement follows exclusive negotiations between the two parties inititiated in December 2021.
MSC’s acquisition of Bolloré Africa Logistics comprises all of Bolloré Group’s transport and logistics activities in Africa, including shipping, logistics and terminals operations, as well as terminal operations in India, Haiti and in Timor-Leste.
Bolloré Africa Logistics is the biggest transport and logistics operator in Africa with nearly 21,000 employees in 49 countries, including 47 in Africa, according to the company’s website.
“The acquisition of Bolloré Africa Logistics reaffirms MSC Group’s longstanding commitment to invest in Africa and to strengthen supply chains across the continent, as well as connecting it to the rest of the world,” MSC said in a statement.
Closing of the deal is subject to regulatory approval and is expected by the end of the first quarter of 2023.
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