Logistics company Wincanton (LSE: WIN) has agreed to a £567 million cash acquisition by CMA CGM Group, one of the world’s largest shipping and logistics firms. The deal values Wincanton at 450p per share, a 52% premium on its previous closing price of 297p.

The French shipping giant, through its subsidiary CEVA Logistics, made the offer as part of its expansion strategy into the UK logistics sector. Wincanton shareholders will vote on the deal at an upcoming general meeting.

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Wincanton chair Martin Read said the deal “represents the best opportunity for shareholders to realise the value of their investment with greater certainty”, despite confidence in the company’s long-term prospects. At 440p, Wincanton shares have jumped 47.7% on the news.

The acquisition brings together CMA CGM’s global shipping network with Wincanton’s consumer and grocery logistics expertise in the UK. Wincanton focuses on eFulfilment, fuel and manufacturing logistics.

Wincanton employs over 20,000 people across more than 200 sites in the UK and Ireland. The deal is subject to shareholder and regulatory approval.