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CANBERRA, Feb. 18 (Xinhua) -- Australia's largest logistics company, Toll Holdings, has agreed to be acquired by Japanese state-owned courier Japan Post on Wednesday in a takeover worth around 5.1 billion U.S. dollars.
In one of its initial ventures into the overseas market Paul George Jersey , Japan Post will hope to use Toll's reputation throughout Asia as a platform to expand across the continent and transform itself into a global logistics and freight leader.
The takeover is also set to benefit existing Toll shareholders, whose stake in the company will be bought at 7.07 U.S. dollars per share, representing a 49 percent premium on Tuesday evening's closing price.
As part of the deal, Japan Post will also assume Toll's 1.1 billion U.S. dollars worth of debt, taking the overall cost of the deal to around 6.2 billion U.S. dollars.
The agreement still needs to be approved by 75 percent of the company's shareholders Reggie Miller Jersey , as well as by Australian regulators. However, Toll's board is unanimously endorsing the deal.
"Japan Post is one of the world's leading postal and logistics companies and Toll is the largest independent logistics group in the Asia-Pacific," Toll chairman Ray Horsburgh said, adding " Together, this will be a very powerful combination and one of the world's top five logistics companies."
"Critically Indiana Pacers Jersey , it will enhance our service to existing and new customers," Horsburgh said.
As part of the deal, Toll will retain its name and will be run as a separate overseas division of Japan Post, whose CEO Toru Takahashi revealed ambitions of becoming the world's leading logistics company.
"We believe the combination of Japan Post and Toll will be a transformational transaction for both our companies and we are very pleased we have been able to reach an agreement," Takahashi said.
"In partnership with Toll James Harden Jersey , we are starting a new chapter of looking outward and becoming a leading global player," he added.
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