British logistics firm Wincanton is in the process of being taken over by French shipping firm CMA CGM in a deal worth $700 million (€642 million).
This will enable the Marseille-based group's push in logistics into the UK supermarket sector.
The acquisition, reported by Reuters, will allow CMA CGM to add a new layer of expertise on warehousing management and grocery.
Wincanton operates from more than 170 sites across Britain and Ireland.
Wincanton said its board intends to unanimously recommend that its shareholders vote in favour of CMA CGM's bid, which would lead to the UK company being delisted from the stock market.
"It is a unique opportunity to expand CEVA's offering in the UK, and to acquire complementary grocery and consumer expertise," the two companies said.
Wincanton shares jumped 47% in early trading on Janaury 19 and touched their highest since July 2021.
Wincanton is active in the UK and Ireland in markets from food and consumer goods to fuel and defence, and competes locally against DHL and GXO.
The acquisition is being done by CEVA through a newly formed entity CEVA Logistics UK Rose Ltd.
CMA CGM's financial adviser on the deal is investment bank Morgan Stanley. Wincanton was advised by HSBC and Deutsche Numis.
Wincanton to be taken over by French operator
