CWT: To acquire 34.24% stake in UK freight co, Fallow Intl Freight for GBP616.3k ($1.2m). Fallow Intl will be renamed as Globelink Fallow Ltd.
Fallow is a leading sea freight forwarder specialising in Less Than Container Load (LCL) consolidation in the UK. The sales agreement also includes an option for co to obtain a further 16.8% stake in Fallow anytime after 3 yrs after the acquisition. Currently the remainder 66% stake in Fallow is equally held by 2 individuals who form the key mgmt of Fallow.
CWT is the largest Asia and amongst the top 3 in the world within the LCL space. CWT currently trades at 15.0x P/E.
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