• Value of acquisition deal was not disclosed
  • Afifi has been Panalpina’s local partner for 20 years
  • It is a family-owned company with 150 staff

Swiss logistics firm Panalpina has acquired its Egyptian partner, Afifi.

The value of the 100 per cent acquisition deal was not disclosed.

Afifi, a freight-forwarding, customs clearance and logistics company, has been Panalpina’s local partner for 20 years.

It is a family-owned company with 150 staff. It will be totally absorbed into Panalpina.

“Egypt has a large population and a sizeable middle class, in addition to being the regional base for numerous international companies,” said Peter Triebel, Middle East CEO for Panalpina, in a press release. “Now, political reforms are under way to strengthen the economy and improve the investment climate. Add a freight forwarding market that is very fragmented and we have ample opportunity for growth.”

Panalpina’s share price on the Six Swiss Exchange fell by about 1 per cent following the news.

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