Royal Mail buys US-based Golden State Overnight Delivery for $90 million
Britain's Royal Mail Plc (RMG.L) said on Tuesday it acquired California-based regional parcel delivery firm Golden State Overnight Delivery Service Inc (GSO) for $90 million.
Britain's former postal monopoly said its ground-based parcel delivery unit, General Logistics Systems (GLS), bought GSO on a debt-free and cash-free basis, and that the acquisition would be funded from existing cash reserves.
Royal Mail said it was looking to boost its geographic footprint and that GSO was attractively positioned for growth within its existing markets.
GSO generated revenue of about $114 million in... read more
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