MSC unit agrees to buy freight forwarder Clasquin

SAS Shipping Agencies Services, a unit of MSC Mediterranean Shipping Company, has agreed to acquire 42 per cent ownership in the freight forwarder and logistics specialist, Clasquin. The agreement has been signed with Yves Revol and OLYMP, controlling shareholders of Clasquin.

SAS has been granted exclusivity by Revol and OLYMP following their receipt of a non-binding offer, to allow the MSC’s unit to carry out an audit of Clasquin SA and the companies of its Group. Subject to the positive conclusions of this audit, SAS would grant Revol and OLYMP a put option during the first quarter of 2024. The purchase price of the shares would be determined based on an enterprise value of €325 million ($350 million) and after taking into account adjustments to be agreed between the parties.

The acquisition’s final legal documentation will be concluded after the completion of the relevant employee representative bodies’ information and consultation procedures. The transaction’s completion will be subject to obtaining clearances from the competent authorities, including competition clearances.

Following the acquisition of the controlling shareholdings of Yves Revol and OLYMP, SAS would file a public tender offer with the Autorité des Marchés Financiers (AMF) for the remaining shares in the capital of the freight forwarder.

The Clasquin Group would continue to operate with its teams and under the Group’s brands (Clasquin, Timar, LCI-Clasquin Cargolution, CVL, Exaciel in particular).