June 2 (SeeNews) - Austrian transportation and logistics services provider Gebruder Weiss said it has inked a deal to acquire Rhenus Bulgaria, a Sofia-based peer it has already been partnering with, in a push to enhance its presence in Southeast Europe.
The price tag of the deal, which hinges on regulatory clearance, remained undisclosed.
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“Acquiring the customers and employees of Rhenus Bulgaria doubles the size of our long-standing and successful unit in Bulgaria and marks the next major step in our development,” Gebruder Weiss chief executive Wolfram Senger-Weiss noted in a press release published on Tuesday.
The business is being acquired from the German parent of the target company - Rhenus Group, which is set to withdraw from the Bulgarian market upon completion of the divestment, Rhenus Group said in a separate statement.
Rhenus Bulgaria is an integrated logistics service company, operating its own logistic terminals in the capital city of Sofia, as well as a distribution network with further branches in Plovdiv and Varna. It employs about 100 people.
The acquisition includes the locations in Sofia, Burgas, Svilengrad, Varna and Plovdiv. Post close, all Rhenus Bulgaria employees will be joining Gebruder Weiss.
Lauterach, Bregenz-headquartered Gebrder Weiss has been active in Bulgaria since 1993. The Austrian firm operates two locations in Sofia and Varna, offering services in land transport, air and sea freight, as well as logistics solutions. It is also present in several countries in Central and Southeast Europe in end-customer delivery.
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