GeoLogistics Corporation, the international freight forwarder and logistics services provider, is to be taken over by PWC Logistics for approximately $454m.
"GeoLogistics is a recognized leader in global freight forwarding with a significant presence in key Asian, European and Americas markets," says Tarek Sultan, PWC Logistics chairman. "GeoLogistics' global presence and experienced management team will strengthen PWC Logistics' existing capabilities and greatly expand both the scope and range of our investment opportunities and service offerings, including our ability to deliver integrated and specialized logistics solutions globally. Freight forwarding is a service that will continue to grow at impressive rates and one where strong market participants will continue to distance themselves from their mid-sized competitors. GeoLogistics will significantly increase PWC Logistics' global forwarding capabilities, especially within, to, and from the Middle East."
Visit www.pwclogistics.com and www.geo-logistics.com for more on the transaction.