The transaction, which is subject to the agreement of the European competition authorities and should be finalised around 10 January 2011, will be paid in cash from a combination of Norbert Dentressangle reserves and currently available credit lines.
TDG is a major European player in transport, logistics and freight forwarding, and in 2009 its revenue was £662m (€795m). Headquartered in Manchester, TDG makes 74% of its revenues in the UK, 12% in the Benelux countries, 8.5% in Spain, 4% in Ireland and 1.5% in Germany. The company also operates in Hungary.
TDG offers an integrated service which includes 1.2m sq ms of warehouses, 1,350 tractor units and 2,600 trailers. 2010 revenues are estimated at about £700m (€840m).
This transaction will take Norbert Dentressangle’s estimated pro forma 2010 revenues to Euro 3.6bn with 57% from outside France. After completion of the transaction Norbert Dentressangle estimates that its level of debt will be “reasonable.”