French trucking, logistics and forwarding company Norbert Dentressangle is buying UK road transporter and forwarder TDG.
The $310 million cash purchase from Douglas Bay Capital will create Europe's biggest owned trucking fleet.
The takeover, subject to regulatory approval, will create a company with annual revenue of around $4.5 billion and a fleet of more than 8,000 rigs and 11,000 trailers.
By The Numbers: U.S. Trade with France.
The fast-expanding Dentressangle, which bought the UK's Christian Salvesen trucking and logistics company in 2007, expects to close on the deal in early 2011.
Dentressangle, which operates in 19 European countries and in Asia and North America, generated $3.5 billion of revenue in 2009.
TDG earned $52.8 million before interest, tax, depreciation and amortization on revenue of just over $1 billion in 2009. The UK accounted for 74 percent of sales with the remainder generated from transport and forwarding operations to Turkey, Asia and the Americas.
"This transaction consolidates our presence in each of our three sectors and considerably strengthens our forwarding business, allowing us to better meet the needs of our clients at international level," said Dentressangle CEO Francois Bertreau.
"I am confident in our ability to integrate TDG quickly and effectively," Bertreau said.
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