Speedy, a leading delivery services company in Bulgaria, is currently in negotiations to acquire 100% of Rapido Express & Logistics Ltd. (Rapido), a smaller competitor. The transaction price would be in the range of €6 to €12 M and would be paid in a period of 30 months, with the final deal value dependent on Rapido’s financial results. The future deal was announced in an official notice by Speedy to the Bulgarian Stock Exchange. The transaction will be subject to regulatory approval by the Competition Protection Commission.
The acquisition implies Rapido’s management will continue to run the company for the next three years and under its present brand. The company will operate as Speedy’s subsidiary with a focus on e-commerce, capitalizing on its new owner’s logistical and office network. The transaction would increase Speedy’s market share and enable the company to strengthen its online service offerings.
Rapido is one of the smaller delivery services players in the top 10 of the Bulgarian market with operations across the country and, through contractors, abroad as well. Speedy is a leading Bulgarian courier company with a market share of 32% and consolidated 2017 revenues of BGN 160 M (€81.8 M). Speedy’s majority owner is Mr. Valery Mektupchiyan. In 2014, the French company GeoPost was attracted as an investor with a 25% stake and the remaining nearly 10% are traded on the Bulgarian Stock Exchange.
