SingPost completes acquisition of Australia’s M J Luff for $106 mil

The acquisition was completed on March 1.

Singapore Post (SingPost) has completed the acquisition of M J Luff, an Australian-owned interstate transport and distribution company for A$120 million ($106 million).

The acquisition of 100% of M J Luff’s shares was made through SingPost’s wholly-owned subsidiary, Freight Management Holdings, who entered into a share sale agreement (SSA) with M J Luff’s vendors and sale beneficiaries. M J Luff’s total issued share capital comprises 200 ordinary shares and 212 preference shares.

The acquisition was first announced last November, as SingPost's broader bid to focus more on its overseas logistics business as its original core business of domestic comes under structural decline.

As at 4.32pm, shares in SingPost are trading flat at 39.5 cents.

See Also:

• Click here to stay updated with the Latest Business & Investment News in Singapore

• UOBKH and CGS-CIMB lower TP for SingPost, but OIR keeps it unchanged following 3QFY2024 results

• SingPost signs MOU with FedEx to trial acceptance points at post offices

• UOB Kay Hian ups SingPost’s TP to 51.5 cents after postage rate hike

• Read more stories about where the money flows, and analysis of the biggest market stories from Singapore and around the World

• Get in-depth insights from our expert contributors, and dive into financial and economic trends

• Follow the market issue situation with our daily updates

• Or want more Lifestyle and Passion stories? Click here