Adani Ports acquires 40.25 per cent stake in Snowman Logistics.

Adani Ports and SEZ Ltd. (APSEZ) has ventured into cold chain logistics business by acquiring a 40.25 per cent stake in Bengaluru-based Snowman Logistics for Rs. 296 crore.

The price of the deal was at Rs. 44 per share, a 3.2 per cent premium to the market price of December 27, and a 12 per cent premium to the 60-day volume-weighted average price (VWAP).

This will trigger an open offer of 26 per cent in Snowman Logistics’ shares, sources close to the development told BusinessLine.

The acquisition was made through APSEZ’s wholly-owned subsidiary, Adani Logistics. The company has acquired the stake from Snowman Logistics’ parent company, Gateway Distriparks, they added.

HBL