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Transport and logistics set for M&A boom - FT.

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April 9, 2012 7:27 pm

Transport and logistics set for M&A boom


By Rose Jacobs

The transport and logistics sector should enjoy a boom year for deals, given the cash piles companies built up during the recession and eurozone crisis, and the large number of midsized targets in Europe, according to KPMG. UPSs purchase of TNT Express has already made the value of deals announced in the first quarter steeply higher than in the same period last year, and possible transactions ahead include the UK governments privatisation of Royal Mail. It is hoping to sell or float the business by autumn 2013. But smaller acquisitions, particularly in Europe, are also set to boost the value of global deals. In logistics, private equity is eyeing niche companies that do not fit into larger networks, including groups that transport time-sensitive material such as fruit, medicines or hazardous products. Meanwhile, trade buyers are looking to take part in consolidation of mainstream package delivery. After the UPS-TNT Express deal, FedEx needs to do something, said Steffen Wagner, European head of transport transactions at KPMG. The US company last week announced a deal to buy Opek, a Polish shipping company with about $70m in annual sales. The European market is mature. There are a large number of midsized players, many of them family owned, Mr Wagner said. The availability of targets is very good. He sees different drivers for deals elsewhere in transport, with shipping groups responding to overcapacity in the sector with distressed sales. In infrastructure, a growing demand from pension funds for steady, inflation-protected investments means privatised assets should be snapped up quickly. Edinburgh airport is being auctioned by its owner, BAA, this month, and Stansted could follow late this year or early next. Meanwhile, many investors hope the Spanish government will move towards privatising airports there. Royal Mail, whose value has been estimated at between 3bn and 4bn, could prove a difficult prospect to sell or float so long as its GLS European parcels arm

http://www.ft.com/intl/cms/s/0/efade9a6-8181-11e1-b39c-00144feab49a.html

10.04.2012

Transport and logistics set for M&A boom - FT.com

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remains tied to the postal service, said Mr Wagner. The 5bn ($6.6bn) TNT Express deal was made possible when TNT split into a postal company for the Netherlands, PostNL, and the more dynamic TNT Express. That acquisition contributed to $19.7bn in transport and logistics deals announced globally in the first quarter of 2012, according to Thomson Financial data, compared with about $50bn for the whole of last year, when the eurozone crisis curbed dealmaking. The value of completed deals and those announced in the first three months of the year is higher at $27.9bn than any quarter in 2011. Still, this years prognosis could change if financing remains difficult, said Mr Wagner. Its still an issue, particularly for private equity. Moreover, pricing has not yet fully recovered to pre-credit crisis levels, meaning that if owners are not forced to sell, they may yet wait.

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http://www.ft.com/intl/cms/s/0/efade9a6-8181-11e1-b39c-00144feab49a.html

10.04.2012

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