Mullen Group Ltd. (MTL.TO), a provider of trucking and logistics services, Wednesday announced that it has entered into a letter of intent to acquire Canadian logistics company ContainerWorld Forwarding Services Inc.
This acquisition is expected to add over one million square feet of warehousing space to the company along with expanding its operations in the provinces of British Columbia and Ontario, home to fifty percent of Canada's population, as per the firm.
ContainerWorld is anticipated to generate around C$150 million of annualized revenue.
The transaction will be funded by the existing credit lines of the trucking and logistics firm. The deal is set to close in the second quarter of 2024.
On Tuesday, Mullen shares closed at C$14.03, down 1.47% in Toronto.
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