Royal Mail plc (LON: RMG) today announced their General Logistics Systems (GLS) unit has acquired the Spanish express parcels delivery company Redyser Transporte.
GLS paid €16.5 million (£14.5 million) in an all share takeover of Redyser, which will be consolidated within the current Spanish operations.
The purchase is in line with GLS strategy to strengthen their position in the domestic Spanish market. Following the acquisition of ASM Trasnporte Urgente in June 2016, the company wants to keep their position as Spain’s second biggest express parcels network.
“Following the successful acquisition and integration of ASM, Redyser supports our strategy to scale up and grow existing businesses in our core markets. Redyser will help GLS provide a broader offering and expand our presence. Redyser customers will benefit from a strong European network,” said Rico Back CEO of the GLS Group.
Moreover, the announcement comes days after Royal Mail reached an agreement with the Communication Workers Union over pensions, pay and working conditions.
The company had admitted in November they were having problems reaching to an agreement with their workers.
Royal Mail’s last results reported a fall in pre-tax profit to £77 million, in part because of the increase in pension costs by £114 million.
Redyser total revenue for the end of 2017 was of €45 million.
The Spanish company is based in Murcia and delivers around 14 million parcels annually. It operates through a network of over 200 agencies and franchises and 12 own operated sites in Spain’s main cities.Â
Shares of Royal Mail were down 0.09 percent, trading at 469.10p, as of 11:30 am (GMT).