March 6 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
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.