Cape Town - Santova, the expanding JSE-listed logistics company, said on Friday that it had acquired Tradeway Limited, a British logistics and freight company, for a mixture of cash and shares worth £5.6 million.
In August ,Santova, which has offices in Africa, Australasia, Europe, the UK and the Far East, acquired Jet Freight Services of Mauritius and announced plans for the opening of an office in Ghana.
A statement from Santova said that Tradeway, which specialises in the West and East African trade routes from the UK, had a well-diversified and long-standing client base, experienced management and staff and a strong brand.
The Leeds-based company has operations in freight forwarding, logistics, cargo and imports and exports.
The statement added: “Santova's strategy is to continuously expand its international presence through a combination of the establishment of new grassroots offices and by acquiring well-established logistics businesses along key trade routes and in major international trading geographies.”
The deal, which is subject to shareholder and regulatory approvals, is expected to take effect on December 1.
The sellers, Darren Sexton and John Heald, the founders of Tradeway, would continue to serve as executive directors for minimum agreed periods.
AFRICAN NEWS AGENCY