Loomis completes acquisition in Chile
Loomis has, through one of its wholly owned subsidiaries, acquired 100 per cent of the shares in Wagner Seguridad Custodia y Transporte de Valores (Wagner) in Chile.
Wagner conducts domestic cash handling services and is based in Santiago, Chile. The enterprise value, i.e. purchase price plus acquired net debt, is approximately USD 31 million, corresponding to approximately SEK 260 million.
Wagner has approximately 940 employees and the annual revenue in 2016 was approximately USD 23 million.
The business will be reported in segment Europe and consolidated into Loomis as of closing of the transaction. The closing took place 20 December 2017 and the purchase price was paid on closing. The acquisition is expected to have a marginal positive impact on the earnings per share of Loomis in 2018.
“With this acquisition we expand our Latin American footprint. This is in line with our overall strategy and the deal gives us the opportunity to participate in the Chilean cash handling industry and take an active role in transforming the cash ecosystem. The Latin American region is growing and shows further potential for the future and we are happy to welcome all new employees and customers to the Loomis Group,” says Patrik Andersson, President and CEO of Loomis.