Allcargo Logistics announced that the company's wholly owned subsidiary viz, Allcargo Belgium N.V. (WOS) has entered into agreement with Nordicon group, and will hold 65% stake in ECU Worldwide (Nordicon) AB, JV company on completion of the transaction.
Allcargo Belgium N.V. will hold 65% stake in ECU Worldwide (Nordicon) AB, which in-turn will hold 100% stake in Nordicon AS & Nordicon DK. These companies own near 40% market share in ocean freight consolidation in Nordic region (Sweden, Norway, Finland and Denmark) and had turnover of 38.6 million Euro in the year Jan to Dec 2020.
The cost of acquisition of 65% stake is approximately 243.1 million SEK, which is approximately 28 million USD.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
