Logistics giant Radiant secures substantial ownership in a transportation company based in Mexico
In a significant move, Radiant Logistics has announced the acquisition of an 80% equity stake in Mexico City-based transportation and logistics provider Weport. The acquisition, which was announced on Tuesday, sees Radiant Logistics bolstering its operations in Mexico and expanding its North American footprint.
Weport, a privately held company, offers ocean and airfreight forwarding, multimodal domestic services, customs brokerage, and warehousing. The acquisition is expected to bring additional value to Radiant's operations in Mexico, complementing Radiant's network and solidifying capabilities in the region, according to Bohn Crain, Radiant's founder and CEO.
Ricardo Rochman, Weport's founder and current leader, expressed his excitement about the merger, stating that it will leverage the strengths of both Weport and Radiant for added customer value. He also believes the merger will support the broader Radiant Network in Mexico.
Current Weport leadership will remain in place, and Weport will continue to operate under its current name until next year, when it will transition to the Radiant name. The purchase price for the acquisition will be based on future financial performance.
Radiant Logistics has the option to acquire the remaining 20% of the acquired entity, although no further details about the financial terms of the transaction were disclosed.
Ricardo Rochman also believes that the merger will position Weport to support Radiant's customers across Mexico and serve as a platform to help Radiant scale its North American footprint.
Radiant Logistics is listed on the NYSE under the symbol RLGT. Weport, on the other hand, remains a privately held company. Ricardo Rochman has stated that Weport will switch to Radiant in the year 2025.
Both parties are optimistic about the future of this strategic partnership, with Ricardo Rochman expressing his belief that the merger will be beneficial for both companies and their customers. The option for Radiant to acquire the remaining 20% of the acquired entity remains, adding to the potential for further growth and collaboration in the future.
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