(MENAFN) Toll Holdings, Australia's biggest logistic firm, has approved its takeover by Japanese state-owned courier Japan Post, in a deal worth about USD5.1 billion, Xinhua reported.
The takeover is also set to benefit existing Toll shareholders, whose stake in the company will be bought at USD7.07 per share, accounting for 49 percent premium on the last closing price.
As part of the deal, Japan Post will also assume Toll's USD1.1 billion worth of debt, taking the overall cost of the deal to around USD6.2 billion as well as to use Toll's reputation throughout Asia as a platform to expand.
"We believe the combination of Japan Post and Toll will be a transformational transaction for both our companies and we are very pleased we have been able to reach an agreement," Japan Post CEO said.
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