European Commission delays £196m TDG sale
Northampton-based Norbert Dentressangle’s £196m purchase of warehousing provider TDG has been delayed after the European Commission requested further information on the transaction.
DouglasBay Capital’s (DBay) announced the sale of Manchester logistics and warehousing provider TDG in November last year.
However, the sale is conditional upon competition clearance by the European Commission.
Completion was expected by the start of February, but the European Commission has requested further information to assist its review of the transaction. In a statement to the Stock Exchange, DBay said it now hopes to get the green light by mid-March.
At the time, France-headquartered Norbert Dentressangle, which has its UK headquarters in Northampton, said that the transaction will “create a new group with annualised revenues of €3.6bn”. The company added that it expects the transaction to be earnings accretive within the first quarter year.
