APSEZ acquires 40.25% stake in Snowman Logistics
The acquisition was done through APSEZ’s wholly-owned subsidiary Adani Logistics
Adani Ports and Special Economic Zone (APSEZ) has ventured into cold chain logistics business by acquiring 40.25% stake in Bengaluru-based Snowman Logistics for Rs 296 crore. APSEZ acquired the stake from Snowman Logistics’ parent company Gateway Distriparks.
The acquisition was done through APSEZ’s wholly-owned subsidiary Adani Logistics. The company will double the capacity in the next five years. With focus on increase in utilisation, higher realisation from product mix and operational efficiency, this vertical will help further improve returns of logistics business.
The stake was bought at Rs 44 per share, which was at 3.2% premium to the market price of 27 December 2019, and 12% premium to 60-day volume-weighted average price.