DX delivers new deal to shareholders by snapping up John Menzies distribution unit

Oliver Gill
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John Menzies is a leading airport services and logistics firm

Delivery firm DX has bought the distribution division of John Menzies, the airport services and logistics firm.

Cash of £60m will paid over by DX, with the £20m market cap firm also issuing shares representing 75 per cent of issued share capital to John Menzies shareholders and five per cent to the John Menzies pension scheme.

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The firms expect the transaction to complete in the summer.

(Source: John Menzies)

As part of the transaction around 17 per cent of John Menzies’ defined benefit pension scheme will move over to the enlarged group, a move that has been signed off by the scheme's trustees.

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(Source: John Menzies)

On completion a new chairman and new independent non-executive directors of the larger DX group will be appointed.

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Greg Michael and Paul McCourt, currently managing director and finance director respectively of Menzies Distribution, would become chief executive and chief financial officer of DX. Daljit Basi, currently finance director of DX, will become an executive director.

Rothschild acted as financial adviser to John Menzies with Zeus Capital acting for DX.

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