MSC Group announced that its wholly owned subsidiary SAS Shipping Agencies Services, has completed the acquisition of Bolloré Africa Logistics.
The transaction has also been approved by all applicable regulatory authorities.
In a statement, MSC noted that its acquisition of Bolloré Africa Logistics SAS and its affiliates (Bolloré Africa Logistics Group) highlights the long-term commitment of MSC to invest in African supply chains and infrastructure, supporting the needs of clients of both businesses.
Africa expansion cited
MSC noted that it would operate Bolloré Africa Logistics Group as an autonomous entity with its portfolio of diversified partners under a new brand to be unveiled in 2023.
Philippe Labonne will continue his longstanding role at the helm of the business as President of Bolloré Africa Logistics.
MSC noted that it 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, it added that Bolloré Africa Logistics would 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. I congratulate them for having created such a well-established business," said Diego Aponte, MSC Group president.
"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," Aponte added.
€5.7B acquisition deal
In a separate statement, Bolloré also confirmed the finalisation of the sale.
"Following Bolloré SE's press releases of March 31st and December 1st, 2022, Bolloré SE announces the completion today of the sale to the MSC Group of 100% of Bolloré Africa Logistics, comprising all of the Bolloré Group transport and logistics activities in Africa, on the basis of a 5.7 billion euro enterprise value, net of minority interests," its announcement said.
Bolloré noted that the sale price of the shares is 5.1 billion euros; 600 million euros of shareholder loans were also repaid.
"The Bolloré Group will remain strongly involved in Africa, notably through Canal+, and will also continue to develop on this continent its activities in many fields such as communications, entertainment, telecommunications and publishing," it added.
