CTT, the Portuguese postal company, has announced the acquisition of Cacesa, a Spanish customs clearance firm, for €91 million. This acquisition aims to bolster CTT's parcel logistics business, especially in the growing e-commerce sector.
The purchase, valued at 5.5 times Cacesa's EBIT (operating profit), will be financed through bank loans, although the specific banks involved have not been disclosed. The transaction is expected to close by March or April 2025, pending approval under merger control laws.
By acquiring Cacesa, CTT aims to enhance its e-commerce operations globally, particularly in last-mile distribution and customs services. The acquisition is also expected to generate cost synergies through greater efficiency in customs processing and reduced overhead duplication.
Cacesa operates in 15 countries, with a strong presence in Spain, Italy, Belgium, and Poland. In 2023, the company reported a 69% increase in revenue, reaching €92 million.
According to João Bento, CEO of CTT, this acquisition is a strategic step to reinforce CTT's position in the e-commerce value chain, from shipping to returns, and to strengthen its relationships with global customers.
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