MSC Group has completed its €5.7bn acquisition of Bolloré Africa Logistics through subsidiary SAS Shipping Agencies.
The purchase price comprises a €5.1bn share sale, plus a €600m in current account repayments. The transaction was approved by all applicable regulatory authorities.
Similarly, Philippe Labonne will continue his longstanding role at the helm of the business as President of Bolloré Africa Logistics.
MSC reiterated that it will operate Bolloré Africa Logistics Group as an autonomous entity with its portfolio of diversified partners, under a new brand to be unveiled in 2023.
MSC intends to continue enhancing the continent’s connectivity with the rest of the world and enable trade within Africa amid the implementation of the continental free trade (AfCFTA).
Backed by MSC Group’s financial strength and operational expertise, Bolloré Africa Logistics will be able to meet all its commitments to governments, particularly regarding port concessions.
“We are delighted to welcome more than 21,000 new colleagues to the MSC family through our acquisition of Bolloré Africa Logistics. I wish to thank the Bolloré family, and Cyrille in particular, for having conducted the transaction in a smooth and efficient way and I congratulate them for having created such a well-established business,” said said MSC Group President Diego Aponte.
“The deal will strengthen MSC’s longstanding ties with Africa and will reinforce our commitment to the continent’s economic growth, including investment in the ships, shipyards, container terminals, logistic solutions, storage facilities, road and rail networks that will support and enhance trade across the African continent and with the rest of the world.”
The purchase of Bolloré Group followed significant moves in the logistics sector by competitor container lines, including AP Moller – Maersk, as carriers sought reinvest hefty profits made from box shipping over the last two years.