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02-May-2010 | ||||||
GulfMerger Advises on the 51% Acqusition of Comprehensive Multiple Transportation Company Plc by City Group Company KSC | ||||||
GulfMerger, the leading middle-market M&A advisory firm in Middle East, announced today the 51% acquisition of Comprehensive Multiple Transportation Company Plc ("CMTC") by City Group Company KSC ("CGC") (formerly known as Transport & Warehousing Group) in a deal consideration amounting to USD21,500,000. GulfMerger acted as sole buy-side adviser to CGC. Based in Jordan, CMTC is Jordan's largest public passenger ground transport provider with a fleet of over 400 buses operating in the Greater Amman area. The acquisition was structured through a capital increase in order to fund CMTC's growth plans. Based in Kuwait, CGC is Kuwait's leading public transport company with a fleet of approx. 600 buses. CGC is also engaged in warehousing. CGC is listed on the Kuwait Stock Exchange with a market capitalization of over USD200 million. The acquisition of CMTC is part of CGC's strategy to transform itself into the largest public transport company in the Middle East with a combined fleet of over 3,000 buses by 2015. GulfMerger was retained by CGC as sole buy-side adviser to advise on the acquisition of CMTC. Yann Pavie, Chief Executive Officer, said "the acquisition of CMTC represents a landmark transaction as it is the first M&A deal in the public transportation sector in the Middle East and potentially a catalyst for regionalization of a sector with significant economies of scale. For CGC, this acquisition has transformed the company into a regional public transport company, bringing its fleet to over 1,000 buses". About GulfMerger:
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