Stobart to sell 51 pct of transport and distribution business

March 6 Thu Mar 6, 2014 5:23am EST

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March 6 (Reuters) - British freight company Stobart Group Ltd said it would sell 51 percent of its core transport and distribution business for 239.7 million pounds ($401 million) to a group led by Chief Operating Officer William Stobart and backed by an asset management firm.

Stobart, whose clients include Tesco, easyJet and Aer Lingus Regional, said it would retain the remaining 49 percent stake in the business, Eddie Stobart Logistics.

Stobart will also retain minor business interests in rail, biomass energy, property and airport facilities.

The company said the deal comprises 195.6 million pounds in cash and 44.1 million pounds in stock. The purchaser will also assume 41.1 million pounds in debt.

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