Royal Mail said GLS acquires General Logistics Systems
Source - SMW
Royal Mail said General Logistics Systems (GLS) has acquired the regional next day parcel delivery company, Golden State Overnight Delivery Service Inc. (GSO). GSO is a provider of regional next day delivery services principally in California.
Total consideration paid for 100% of the shares in GSO is $90m, which will be funded from existing resources.
The company is being acquired on a debt free, cash free basis. GSO generated revenue of approximately $114 million in the year ended 31 March 2016.
The transaction is expected to be economic profit accretive for GLS in 2019-20.
At 9:15am: (LON:RMG) Royal Mail Plc share price was +4.15p at 495.65p