Wallenius Wilhelmsen has terminated the Share Sale Agreement with PrixCar for the sale of PrixCar Australia Pty Ltd. Wallenius Wilhelmsen said it was well positioned for further growth in the Australian market on its own and now wishes to pursue new opportunities.
In recent years, Wallenius Wilhelmsen has been working to find a partner to grow its land-based logistics operations in Australia. In November 2017, PrixCar Services and Wallenius Wilhelmsen signed a Share Sale Agreement that envisaged that PrixCar would acquire WWL Australia’s land-based operations. As part of the transaction, Wallenius Wilhelmsen would gain a 20% shareholding in PrixCar.
Wallenius Wilhelmsen maintains it has been fully committed to a partnership, but since November “there have been a number of delays to the process and significant changes have taken place”. Wallenius Wilhelmsen has thus made the decision to withdraw from the transaction.
“Wallenius Wilhelmsen in Australia has been highly successful over the last 18 months, winning new business and setting the foundation for sustained performance. The company is now well positioned for further growth in the high & heavy equipment space, especially in light of the capabilities added to the group with the recent acquisition of Keen Transport in North America.
“Our fundamentals are good and our ambition within the Australian market matches our global strategic objective to build unrivalled capability to serve the high & heavy equipment industry,” said Ray Fitzgerald, COO WW Australia.