Allcargo Belgium, a subsidiary of Mumbai-based Allcargo Logistics, has entered into a share purchase agreement to acquire a 75% stake in Germany’s Fair Trade GmbH Schiffahrt, Handel und Logistik in an all-cash deal of €12 million.

In a statement to the stock exchange on November 25, the logistics company said the target company had a turnover of around €44 million in the 2021 fiscal year. Fair Trade GmbH Schiffahrt, Handel, und Logistik offers ocean freight forwarding services in Germany.

According to the filing, the purpose of the acquisition is to expand its full container load (FCL) and less than container load (LCL) business in key markets through “partners with synergistic capabilities.” The share purchase agreement was signed on November 23, 2022.

“The shareholder agreement will be executed within the next 30 to 60 days,” the company said. In morning trade today, Allcargo Logistics traded at Rs 465.90 on the National Stock Exchange.