Insider Media Limited

Norbert Dentressangle has completed the €241m (£212m) takeover of transport and logistics company TDG. It comes after the Northampton-based logistics business won approval for the deal by European competition authorities. Norbert Dentressangle also assumed an estimated £30m of TDG's debt as a part of the deal.

Norbert Dentressangle said it had finalised the acquisition of 100 per cent of Laxey Logistics, the holding company that owns transport and logistics group TDG.

The takeover follows the approval of the deal by European competition authorities and an agreement to purchase TDG signed in November 2010.

The business said in a statement: "The transaction maintains Norbert Dentressangle's financial flexibility, while accelerating its growth and international expansion, and strengthening its three business activities. TDG will be consolidated in Norbert Dentressangle's financial statements as of 1 April 2011."

The deal is expected to generate "full-year synergies" of €12m (£10.6m) before financial costs and tax.

TDG recorded revenues of £662m in its 2009 annual results. TDG has its headquarters in Manchester and employs 6,300 people at 134 sites. The company estimates that its 2010 revenues should total £700m.

François Bertreau, chief executive officer of Norbert Dentressangle, said: "TDG is a leading player in the market and we are very happy and proud of this agreement.

"While retaining our financial flexibility this transaction consolidates our presence in each of our three sectors and considerably strengthens our freight forwarding business, allowing us to better meet the needs of our clients at international level. I am confident in our ability to integrate TDG quickly and effectively, improving our services to clients and making the most of best practice on both sides."