Adani Logistics to acquire controlling stake in Snowman Logistics

January 3, 2020

APSEZL has agreed to acquire a controlling stake in Snowman Logistics Limited to expand its cold chain logistics and warehousing business. APSEZL, through its unit Adani Logistics Limited, will first acquire a 40.25 per cent stake in Snowman from Gateway Distriparks Limited for Rs 2.96 billion. APSEZL is acquiring Snowman shares at Rs 44 apiece. It will then make an open offer to Snowman’s public shareholders to buy as much as another 26 per cent for up to Rs 1.91 billion. The acquisition is subject to customary conditions precedent and is likely to close by March 31, 2020.