YRC Worldwide Inc. on Thursday announced that YRC Logistics has entered into a definitive agreement to acquire Shanghai Jiayu Logistics Co.
YRC Logistics will acquire 65% of the stock of Jiayu for between US $29.5 million to US $43 million, based upon Jiayu's final 2007 financial performance. YRC Logistics expects to purchase the remaining 35% interest in 2010 for an amount not to exceed $32 million, as determined by the level of Jiayu's 2008-09 financial performances. All payments will be made in Chinese yuan, and their estimated dollar equivalents are provided in this release.
Completion of the acquisition is subject to Chinese regulatory approvals, restructuring of certain of Jiayu's operations and other ordinary conditions to closing. The parties have targeted closing of the transaction for the second quarter of 2008.
No comments:
Post a Comment