RZD acquires 75% in French logistics operator GEFCO
MOSCOW. Dec 20 (Interfax) - OJSC Russian Railways (RZD) acquired 75% in French logistics operator GEFCO on Thursday, the Russian railway monopoly said.
The purchase came to 800 million euro. RZD acquired this asset from PSA Peugeot-Citroen. JP Morgan and VTB Capital acted as financial consultants to RZD in the real.
PSA is selling GEFCO as part of a program to dispose of noncore assets, brought on by its financial difficulties. The company, which employs over 10,000 people, transports PSA components and cars (in the framework of an exclusive five-year contract).
The company's main market is Western Europe, which accounts for over 75% of sales revenue. Markets such as Latin America and other regions account for the remaining revenues. GEFCO's second major client is U.S. company General Motors, which owns 7% in PSA and signed a contract in June for the transport of cars and components from the U.S. to European markets, including Russia. The company's sales revenue in 2011 came to 3.8 billion euro, while operating profit totaled 223 million euro.
