Shibusawa Logistics to Acquire Meitetsu World Transport

MT Newswires Live05-11

The Shibusawa Warehouse (TYO:9304) will acquire all shares of Meitetsu World Transport from Nagoya Railroad (TYO:9048) and make the company a wholly owned subsidiary as part of efforts to expand its international logistics business, according to a Monday filing on the Tokyo Stock Exchange.

The company said Meitetsu World Transport will change its name to Shibusawa World Transport on May 29, when the transaction is scheduled to close. Shibusawa Logistics also plans to rename the target company's three overseas subsidiaries.

Shibusawa Logistics said the acquisition will strengthen its air and ocean freight forwarding capabilities, expand its network in North America and Asia, and support its "Shibusawa 2030 Vision" target of achieving annual revenue of 100 billion yen. The company also expects the deal to improve earnings per share and return on equity through post-merger integration and a planned debt-equity swap that would make the acquired company effectively debt-free.

Meitetsu World Transport posted a net loss of 1.63 billion yen for fiscal 2024, wider than a loss of 529 million yen a year earlier, partly due to a 1.07 billion yen impairment charge. Revenue rose 8.8% to 5.84 billion yen from 5.37 billion yen.

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