Singapore's Yang Kee Logistics said it entered into an agreement to buy New Zealand-listed logistics firm Fliway Group for S$52.1 million.
Under the agreement, wholly-owned New Zealand unit of Yang Kee will acquire all the outstanding shares in Fliway for NZ$1.22 cash per share by way of a scheme of arrangement.
The scheme is conditional on the approval of Fliway's shareholders and the High Court, Fliway said in a statement on Wednesday.
The Auckland-based Fliway's majority shareholder the D&G Hawkesby Trust intends to vote all of its Fliway shares in favour of the scheme, the company said. D&G Hawkesby Trust hold about 54 percent stake in the company.
Fliway Chairman Craig Stobo said the independent directors considered the advantages and disadvantages of the scheme proposal and concluded that the scheme provides certainty regarding the future value of the shares.
According to Yang Kee, the new acquisition would boost the group's revenue by S$81.9 million, enabling the firm to gain a stronger foothold in the Oceania market.
Once completed, Yang Kee would have over 1,050 employees across 12 countries, and an expected revenue of over S$400 million, the company said.
Yang Kee Logistics, one of Singapore's largest privately owned logistics companies, has operations in Australia, the United States, China and South East Asia.
