Bulgarian courier company Speedy will buy parcel service companies DPD Romania and Geopost Bulgaria OOD.  The two companies are subsidiaries of the French company GeoPost and of the Turkish company Geopost Yurtichi Cargo Servizi.

In a notice published on the Bulgarian Stock Exchange - Sofia website, Speedy announced that the funds needed for the acquisition of the two companies and the investment programs for Romania amount to BGN 30 million (some EUR 15 million). The entire funding will be provided by a capital increase and by a long-term investment loan.

This transaction gives GeoPost the chance to acquire 25 percent of Speedy, according to the notice. GeoPost has been a significant investor and has the option to increase its shareholding to significant majority participation.

Following the acquisition of the two companies, “Speedy shall be able to focus on the consolidation of the two markets by provision of integrated logistic services to its Bulgarian and Romanian clients. In addition Speedy shall enjoy a direct access to the ground network of DPD in Europe in its capacity of a full member,” reads the notice.

DPD Romania ended the first nine months of the year with a turnover of some EUR 7.8 million (RON 34.8 million), up 24 percent compared to the same period in 2012. The company saw its profit go up 16 percent year-on-year at the end of September 2013.

Irina Popescu, irina.popescu@romania-insider.com