October 4, 2016 / 8:41 AM / in 10 months

BRIEF-Royal Mail says GLS acquires Golden State Overnight for $90 mln

1 Min Read

Oct 4 (Reuters) - Royal Mail Plc :

* GLS acquires Golden State Overnight

* General Logistics Systems (GLS) has acquired regional next day parcel delivery company, Golden State Overnight Delivery Service Inc

* Acquisition provides GLS with a focused and targeted market position in this geography

* Total consideration paid for GSO is $90 million (about 70 million stg), which will be funded from existing resources

* Transaction is expected to be economic profit accretive 5 for GLS in 2019-20.

* GSO will be fully consolidated within GLS for reporting purposes but will be managed as a separate entity

* Says Dana Hyatt, chief executive officer, who will continue to lead company, together with GSO's existing management team Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

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