Thursday, Nov 30, 2017. 15:49

Magyar Posta, Mid Europa bid for Romanian courier

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Magyar Posta, Hungaryʼs state-owned postal services provider, is among three companies shortlisted for the acquisition of Romanian courier company Urgent Cargus. The transaction could be completed by the end of this year, according to reports.

According to Romanian business daily Ziarul Financiar, investment funds Mid Europa Partners and Warburg Pincus, as well as Magyar Posta, are the runners in the bidding for Urgent Cargus, Romaniaʼs second biggest express delivery company.

The Romanian company is currently owned by investment fund Abris Capital Partners, and the value of the transaction is estimated at EUR 150-170 million. According to Ziarul Financiar, the highest bidder is likely to be Mid Europa, the company that acquired Hungarian road freight transport company Wabererʼs International last year.

The first rumors about the sale of Urgent Cargus emerged early this year, but Abris Capital denied them repeatedly. Mid Europa stepped back previously from running for the company, but has since reconfirmed its bid.

Urgent Cargus is the second biggest courier company in Romania, following FAN Courier, with a headcount of 600. The company targets EUR 80 million revenues for this year.

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