Chinese logistics giant Sinotrans, part of China Merchants Group, has gained approval from Dutch anti-trust authority to acquire Dutch logistics company KLG Holding along with seven of its subsidiaries.
Sinotrans entered into an agreement with KLG Holdings at the end of September to acquire the company for a total price of EUR385.69m ($426m).
After receiving the approval from Dutch authorities, all of Sinotrans’ anti-trust applications to European Union members have been approved.
Sinotrans believes the deal is an important step for the company to exercise its overseas strategy, and to construct its overseas channel.
“The acquisition of the target companies is expected to be a proper supplement to the group’s overseas network, an extension of the local operational capability in the European Union area and facilitate the group to provide full end to end international logistics service to bring more business opportunities and synergies with other existing businesses,” Sinotrans said.
KLG offers worldwide integrated logistics services with 16 branches in four countries.