ERJ staff report (TP)
Clermont-Ferrand, France – Michelin has completed the acquisition of all outstanding shares of the Brazilian fleet management and freight security company Sascar.
The transaction has been approved by the Brazilian competition authority (CADE) and all other closing procedures were finalised on 29 August.
Sascar has 870 employees and generated revenues of BRL 280 million (€91 million) in 2013.
Michelin said the acquisition of this company, whose “business model has proven its worth in Brazil” – with 33,000 fleets managed and 190,000 trucks – will enable it to expand its offering in the fleet management business and to speed the growth of its truck tire business in Brazil.
Michelin said it will also provide Sascar access to major customers in South America through its distribution network.
The enterprise value, which stands at BRL 1,600 million, includes the purchase price of BRL 1,353 million and BRL 247 million in debt.
The transaction was closed as an all-cash offer to acquire all of the outstanding common shares of Sascar Participações SA and its affiliated companies.
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