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Egytrans approves acquisition of 99.9% of Nosco: The Egyptian Company for Transport Services’ (Egytrans) general assembly has approved the acquisition of 99.9% of the National Company for Transport and High Seas Services (NOSCO) via a share swap, the company said in a disclosure (pdf) to the EGX yesterday. “The acquisition should be finalized in around 2-3 months,” Egytrans CEO Abir Leheta told Enterprise Logistics, adding that both companies’ management teams will stay onboard.
The details:Egytrans will exchange one of its shares for every 0.0447 share of NOSCO’s capital. This will see the company acquire 2,999,971 of NOSCO’s shares and in return issue 67,112,933 new shares to NOSCO shareholders. A fair value study had valued NOSCO shares at EGP 58.033 apiece and Egytrans shares at EGP 2.594 apiece.
3x the fleet: Upon completion of the acquisition, Egytrans’ fleet will triple in size, Leheta told us. “Currently, Egytrans operates 25 regular trucks, while Nosco has 137 regular trucks, in addition to the specialized vehicles each company operates,” she added. Integrating our fleets will provide us with a stronger operational base, enhancing our capacity, she said. “There are a lot of synergies between both companies. By combining our market shares, we aim to create a stronger and more competitive entity,” Leheta added.
Background: Egytrans’ board of directors approved the acquisition — which was in the works since October of last year — earlier this year in April.
Advisors: Egytrans tapped Zaki Hashem and Partners as its counsel for the transaction, while NOSCO appointed Catalyst Partners as financial consultant and transaction manager. Archer Financial Advisors performed the fair value assessments.
About the two firms: EGX-listed Egytrans offers air, sea and land transport services as well as customs clearance and storage. NOSCO is a private trucking company which has seen several national projects in Egypt, including power stations and refineries, the Zohr natural gas field and the Cairo monorail.
