With the raising of capital, the 1.3 billion euros deal is finalized.
Belgium's postal service Bpost has successfully raised 1 billion euros through two bond issues to finance its largest acquisition to date, the French logistics group Staci.
This marks the finalization of the 1.3 billion euros deal, which was initially funded through a temporary bridge loan.
The bond offering is split evenly between a five-year bond with a 3.29 percent interest rate and a ten-year bond offering 3.63 percent.
According to Bpost, the bonds, rated A- by S&P, saw strong demand from institutional investors and were oversubscribed by more than four times.
Although analysts have been skeptical of the acquisition due to its high price - 14 times Staci’s earnings - Bpost’s CEO, Chris Peeters, defends the move as key to transforming the company into a logistics provider, beyond its declining traditional mail service.
Source: De Tijd
