MILAN, Nov 16 (Reuters) - Poste Italiane PST.MI has agreed to purchase loss-making postal operator
MILAN, Nov 16 (Reuters) – Poste Italiane PST.MI has agreed to purchase loss-making postal operator Nexive from Germany’s Mutares MUXG.DE and The Netherlands’ PostNL PTNL.AS in a deal that might be price round 60 million euros ($71.06 million), together with debt.
The acquisition will enable Poste to extract synergies from the smaller rival, which has been struggling to deal with falling mail volumes and the affect of the coronavirus pandemic.
Nexive has an approximate 12% market share within the Italian mail market, with annual volumes of round 350 million gadgets, of which 5% registered mail, and a 1% market share in parcels, with some eight million gadgets delivered in 2019.
Poste Italiane, which is Italy’s former postal monopoly, plans to consolidate Nexive and its 1,300 employees to extract economies of scale, it stated in an announcement.
The exact worth of the deal, which is predicted to shut by January 2021, will probably be calculated on the finish of a due diligence course of, it added.
($1 = 0.8444 euros)
(Reporting by Francesca Landini; enhancing by Agnieszka Flak)
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