MSC completes Bolloré Africa acquisition for €5.7bn

Bolloré announced the completion of 100 percent sale of Bolloré Africa Logistics, comprising all of the Bolloré Group transport and logistics activities in Africa, to the MSC Group on the basis of an enterprise value of €5.7 billion, net of minority interests.

"The sale price of the shares is €5.1 billion, and 600 million euros of shareholder loans were also repaid," says a release from Bolloré SE.

"The Bolloré Group will remain strongly involved in Africa, notably through Canal+, and will also continue to develop on this continent its activities in many fields such as communications, entertainment, telecommunications and publishing."

MSC, in an official statement, reiterated that it will operate Bolloré Africa Logistics Group as an autonomous entity with its portfolio of diversified partners under a new brand to be unveiled in 2023.

"Philippe Labonne will continue his long standing role at the helm of the business as President of Bolloré Africa Logistics. MSC intends to continue enhancing the continent's connectivity with the rest of the world and enable trade within Africa amid the implementation of the continental free trade (AfCFTA). Backed by MSC Group's financial strength and operational expertise, Bolloré Africa Logistics will be able to meet all its commitments to governments, particularly regarding port concessions."

MSC Group President Diego Aponte says: "We are delighted to welcome more than 21,000 new colleagues to the MSC family through our acquisition of Bolloré Africa Logistics. I wish to thank the Bolloré family, and Cyrille in particular, for having conducted the transaction in a smooth and efficient way and I congratulate them for having created such a well-established business.

"The deal will strengthen MSC's longstanding ties with Africa and will reinforce our commitment to the continent's economic growth, including investment in the ships, shipyards, container terminals, logistic solutions, storage facilities, road and rail networks that will support and enhance trade across the African continent and with the rest of the world. Our strategy remains rooted in our values and in our long-term vision that protects over 150,000 employees in 155 countries worldwide."

MSC Group had confirmed in April that it has entered into a share purchase agreement with Bolloré SE relating to the acquisition of 100 percent of Bolloré Africa Logistics (including all of Bolloré Group's shipping, logistics and terminals operations in Africa as well as its terminal operations in India, Haiti and in Timor-Leste) for a purchase price based on an enterprise value, net of minority interests, of €5.7 billion ($6.3 billion).

Bolloré Logistics operates in 111 countries across 603 offices, and handles over 656,000 tonnes of air freight and 826,000 TEUs of ocean freight.