Loomis receives regulatory approval for the acquisition of CPoR
On June 4, 2018, Loomis AB announced that it had, through a wholly owned subsidiary, entered into an agreement to acquire 100 percent of the shares in CPoR Devises (“CPoR”) in France. The transaction was subject to local works council procedures and approval of ACPR, the French financial market regulator.
All the necessary approvals have now been received and the transaction is therefore expected to be closed within the next few weeks. The purchase price on a debt/cash-free basis is payable on closing and is approximately EUR 70 million.
CPoR is a French credit institution and is mainly a supplier of foreign currency (FX) but also physical gold for investment purposes.
The FX services include wholesale purchase and sale of banknotes for banks and currency exchange offices as well as secure transport service for collection and delivery of banknotes to bank branches throughout France and some other French-speaking territories.
Loomis offers safe and effective comprehensive solutions for the distribution, handling, storage, and recycling of cash and other valuables. Loomis customers are banks, retailers, and other operators. Loomis operates through an international network of more than 400 branches in more than 20 countries. Loomis employs around 24,000 people and had revenue in 2017 of SEK 17.2 billion. Loomis is listed on Nasdaq Stockholm Large-Cap list.
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