La Poste has made two more European acquisitions under its strategy of further internationalisingits parcels/express and mail activities.
GeoPost, its express and parcels holding, has acquired an 80% stake in Pegasus, one of theleading CEP carriers in the fast-growing Romanian market. The acquisition was made throughArmadillo, a venture between GeoPost and its Turkish partner Yurtiçi Kargo and finalised on March27, 2008, according to a statement released by Pegasus.
Romanian media, which gives Pegasus’ 2007 revenues at about €5 million, said the acquisitionprice was between €6 million and €9 million. The deal follows UPS’ recent takeover of its Romanianpartner TCS and media reports that DHL Express is interested in buying a domestic player.
Pegasus, established in 1997, started a strategic alliance with DPD in February 2008 underwhich it now offers DPD-branded products in Romania and uses the DPD network for internationalimports and exports. It also cooperates with Aramex and the Global Distribution Alliance (GDA) forinternational air express services.
“GeoPost is aiming to be a leading international player present in all European markets withits international brand, DPD. The discussions and operational partnership that we have had withPegasus over the last years have proved to be very successful,” said Marek Rozycki, CEO of CSEE(Central and South-Eastern Europe) at GeoPost.
“We want to congratulate the employees and partners of Pegasus Courier Srl who have joinedtogether to reach this momentous occasion. I am extremely optimistic about Pegasus´s developmentwithin GeoPost. I am also proud to represent a strong, new subsidiary within the GeoPost Group”stated James Gray-Cheape, Chief Executive Officer of Pegasus Courier.
Meanwhile, La Poste announced today the acquisition of British mailing services company BTBMailflight, one of the country’s leading international mail fulfilment companies with turnover of£24 million (€32 million) in 2007.
Raymond Redding, head of La Poste’s mail business and of Sofipost, its mail holding, said theacquisition would enable the French postal group to develop its mail activities in Britain. “Thisacquisition fits perfectly into our strategy of external growth which is aimed at strengthening ourposition as a major player at an international level.”
