CTT – Correios de Portugal has agreed to acquire Compañia Auxiliar al Cargo Expres for €91 million to enhance its logistics capabilities in the Iberian e-commerce sector.
Information on the Target
CTT – Correios de Portugal (hereinafter referred to as 'CTT') has reached an agreement to acquire 100% of the capital of Compañia Auxiliar al Cargo Expres (CACESA), a Spanish company specializing in customs services for international e-commerce, which holds a strong market position. The acquisition, facilitated through CTT's subsidiary CTT Expresso, values CACESA's assets at €91 million, representing an EBIT multiple of 5.5x.
The transaction is set to proceed once the necessary approvals under applicable concentration control regulations are obtained, with expected completion anticipated in March or April of 2025.
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Industry Overview in Spain
Spain's e-commerce landscape has rapidly evolved, especially in the wake of the COVID-19 pandemic, which accelerated online shopping trends. The country has seen a significant increase in e-commerce activities
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Compañia Auxiliar al Cargo Expres (CACESA)
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in a Buyout deal
Disclosed details
Transaction Size: $98M
EBIT: $17M
Enterprise Value: $91M
Equity Value: $91M
Multiples
EV/EBIT: 5.5x