LONDON (ShareCast) - (Sharecast News) - Symphony International Holdings has, through a wholly-owned subsidiary, acquired a "significant" minority stake in Vietnam-based Indo Trans Logistics Corporation (ITL), it announced on Monday.
The London-listed firm said the transaction consideration was approximately $42.6m.

It said ITL, founded in 2000 as a freight-forwarding company, had since grown to become one of Vietnam's "national champions" and was the largest independent integrated logistics company there.

ITL's network spread throughout Vietnam, Cambodia, Laos, Myanmar, and Thailand, with more than 2,000 employees across its business units and joint ventures.

"The opportunity to acquire this interest in Vietnam's leading integrated logistics company is a good example of our practice of sourcing proprietary opportunities through our own network of business and personal contacts built over 35 years of private equity practice in the region," said Anil Thadani, chairman of Symphony Asia Holdings and a director of Symphony International.

"Over the past 20 years, ITL management has consistently grown the business to the point where the company is now among Vietnam's 'national champions'.

"We look forward to working with and supporting chairman Zulkifli bin Baharudin and CEO Ben Anh to execute on ITL's strategic plans to support small and medium enterprises in Vietnam and across the Indochina region."

Thadani said ITL's strategic mandate fit well with Symphony's strategy to invest in and support businesses that complemented and benefitted from the rising affluent and middle-class population in Asia.

"We have looked at several opportunities in Vietnam over the years, and ITL has all the attributes of the kinds of businesses we like to invest in - a proprietary deal, a strong and proven management team and a business that is well positioned to directly benefit from the growth in the region.

"Symphony looks forward to working with management to enhance value creation at ITL and support its further development as the leading logistics company in the region."

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