Bulgaria's Speedy Wraps Up Buy of Rapido, Fcasts 50% Rise in Revenue by 2022
The registry agency has entered express delivery company Speedy's acquisition of 100% of its local peer Rapido Express and Logistics into the commercial register, Speedy said.The final price will be equal to 4.5 or 5 times the annual normalised earnings before interest, taxes, depreciation and amortisation (EBITDA) of Rapido Express and Logistics and will be paid in instalments over 30 months, Speedy said in a bourse filing late on Thursday.Speedy also said it will aim to increase the group's revenue by 50% by 2022.Rapido Express and Logistics' profit from ordinary activities fell to 48,000 levs ($28,450/24,540 euro) in 2017 from 898,000 levs the year before, despite a rise in revenue to 18.1 million levs last year from 14.5 million levs in 2016.However, in May, when the deal was announced, Speedy said it has entered into talks for acquisition of Rapido Express and Logistics for a price of between 6 million euro and 12 million euro.(1 euro = 1.95583 levs)