NIGERIA’s oldest surviving and largest conglomerate, UAC of Nigeria (UACN) Plc and South African leading logistics provider, Imperial Logistics Limited have entered into a share acquisition agreement that will see Imperial Logistics acquiring the controlling equity stake in MDS Logistics Limited, a subsidiary of UACN.
Under the agreement, Imperial Logistics will acquire additional eight per cent shareholding in MDS Logistics from UACN to increase Imperial Logistics’ equity stake from forty-nine per cent to fifty-seven per cent. The transaction valued MDS at $forty million, about N12.24 billion.
MDS is Nigeria’s leading integrated logistics services provider. Through its network of warehousing and distributions assets, MDS links manufacturers with customers in more than four hundred cities and villages across Nigeria. MDS is a critical supply chain and distribution partner to some of Nigeria’s leading corporate.
Imperial Logistics is mainly an African and Eurozone logistics provider of outsourced, integrated freight management, contract logistics and distributorship customized to ensure the relevance and competitiveness of its clients. The group is listed on the Johannesburg Stock Exchange in South Africa and employs over twenty-five thousand people in thirty-two countries.
In a regulatory filing just submitted at the Nigerian Stock Exchange (NSE), Group Managing Director, UAC of Nigeria (UACN) Plc, Mr. Fola Aiyesimoju described the transaction as an important milestone for the conglomerate noting that the deal was in line with the group’s strategy of working closely with partners in empowering best-in-class management teams.
According to him, since the commencement of the partnership in 2013, the group has been impressed by Imperial Logistics’ operational excellence in warehousing, distribution and transport.
Managing Director, MDS Logistics Limited, Taiwo Ajibola, said MDS will remain focused on leveraging its assets, technology and capabilities to deliver value to its clients.