FTSE-listed logistics company DP World this morning said it had agreed to buy US supply chain solution company Syncreon for $1.2 billion.
The deal is expected to close in the second half of this year.
Syncreon specializes in the delivery fulfillment and aftercare logistics for tech platforms and e-commerce, particularly in the motoring sector.
Clients of Syncreon include BMW, General Motors, Ford and Volkswagen and it operates in 19 countries.
Sultan Ahmed Bin Sulayem, CEO of DP World, said: “We are delighted to announce the acquisition of syncreon, which adds significant strategic value to DP World given its strong logistics solutions capability and will allow DP World to deliver end-to-end solutions to cargo owners.
“Syncreon’s complex solutions capability brings strong long-term relationships with cargo owners which fits with DP Worlds vision to provide smart tech-led supply chain solutions to enable trade across key markets. syncreon’s exposure to the sizeable, fast-growing technology and automotive markets offers significant growth opportunities over the medium to long term.”