Allcargo Logistics Limited said that its fully-owned step-down subsidiary AGL N.V. has signed a share purchase agreement with Atlas Global Trading F.Z.C. (UAE) to acquire Asiapac Equity Investment Ltd (Hong Kong).
The all-cash deal is worth $4.99 million, said Allcargo Logistics, which is an Indian logistics company.
Asiapac Equity Investment, through its subsidiaries, is involved in the business of investment and related activities. It is essentially a Hong Kong-based investment firm with underlying subsidiaries operating in ocean freight logistics.
According to Allcargo Logistics, the acquisition of Asiapac Equity Investment will increase its business in Turkey in full container load (FCL) as well as less-than-container-load (LCL) consolidation and help in future growth.
Allcargo Logistics expects to close the deal in March 2023.
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