British postal company Royal Mail (OTCMKTS: ROYMY) announced on Friday, Oct. 8, that it would acquire Canada's Rosenau Transport for $286.8 million. The postal company's General Logistics System, or GLS, parcel service, develops the Canadian company. Royal Mail said it is looking to expand its freight carrier services.
Acquisition Details
Both companies expect the deal to close by December. Royal Mail expects it to add to GSL's earnings and cash flow for the year ending March 2022. The parcel firm will fund the transaction with existing cash and loans. The Covid-19 pandemic caused a surge in online shopping as global lockdowns took place. Royal Mail's parcel volumes reached their highest ever in the company's 500-year history. The British parcel company said that Canada's combined...
