JSL acquires smaller rival

JSL acquires smaller rival

M&A Equity Capital Markets Brazil

Brazilian logistics company JSL said Tuesday that it agreed to buy 75% of smaller rival Fadel for BRL159 million ($29.9 million), a day after it announced plans to hold a restricted share sale to raise funds. JSL said it will pay cash for half of the deal upfront and the other half in six months. It added that it could increase the purchase price by BRL13.7 million to BRL173 million if Fadel reaches certain goals this year, according to a securities filing. By the third year, JSL will have the r

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