Business
Hapag-Lloyd to Buy Israeli Rival Zim for $4.2 Billion
is buying Israeli competitor Zim Integrated Shipping Services ZIM 25.00%increase; green up pointing triangle for $4.2 billion as the shipping firm looks to bolster its capacity.
Germany-based Hapag-Lloyd said Monday that it signed a deal to buy Zim for $35 a share in cash, a 58% premium to Zim’s closing price of $22.20 on Friday. The total deal price of around $4.2 billion will be funded from cash reserves and external financing of up to $2.5 billion.
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