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Freightways buys Dataprint for up to $6.5 million

Monday 2nd July 2012

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Freightways, the NZX listed courier and data management company, has purchased printing and data management firm Dataprint NZ Limited for up to $6.5 million.

Dataprint will operate as a stand-alone business alongside Freightways DX Mail business. The initial purchase price was $3 million, with a further $3.5 million paid over the next three years, subject to performance targets.

"The acquisition of Dataprint is consistent with Freightways’ strategy to develop growth opportunities that complement its existing operations," Dean Bracewell, managing director, said in a statement. "This acquisition is expected to be immediately earnings-per-share positive and it will be fully debt-funded from headroom available in Freightways’ existing finance facilities."

Dataprint's forecast revenue is $6 million and earnings before interest, tax, depreciation and amortisation of $1 million in Freightways first full year of ownership.

Shares in Freightways rose 0.8 percent to $3.83 and have gained 3.3 percent this year.

BusinessDesk.co.nz

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