Adani Logistics acquires Snowman Logistics for Rs 296 crore to foray into cold chain logistics

  • Industry News
  • Dec 28,19
The purchase price of Rs 44 per share represents an eight per cent premium to the market price of December 27, 2019 and a 12 per cent premium to 60 day VWAP.
 Adani Logistics acquires Snowman Logistics for Rs 296 crore to foray into cold chain logistics

Ahmedabad, December 27, 2019:

Adani Logistics Ltd. (ALL), a wholly owned subsidiary of Adani Ports and SEZ Ltd. (APSEZ), today announced, signing definitive agreements to acquire 40.25 per cent stake in Snowman Logistics Ltd. from Gateway Distriparks Ltd.

The purchase price of Rs 44 per share represents an eight per cent premium to the market price of December 27, 2019 and a 12 per cent premium to 60 day VWAP.

As part of the transaction, Adani Logistics will make a mandatory open offer as per the substantial acquisition of shares and takeover guidelines, 2011 for a maximum 26 per cent of the public shareholding in the company.

Acquisition is subject to customary condition precedents and expected to close by March 31, 2020.

Karan Adani, CEO and Whole Time Director, APSEZ said, “We are excited today to announce the acquisition of Snowman Logistics Ltd. The acquisition is in line with our strategy and vision to be a leader in providing integrated logistics services in India and moving from port gate to customer gate. Cold chain is key product in customer gate strategy given India’s consumer driven demand. We will double the capacity in next five years. With focus on increase in utilisation, higher realisation from product mix and operational efficiencies, this vertical will help further improve returns of logistics business”

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