Toll Holdings (ASX:TOL) to Take Control of Japanese Logistics Provider Footwork Express

Sydney, Oct 13, 2009 AEST (ABN Newswire) - Toll Holdings (ASX:TOL) today announced the acquisition of Footwork Express, a Japanese express freight operator and one of the top ten domestic logistics providers in Japan.

Toll has held a minority stake in Footwork Express since April 2006. Toll is offering A$95 million for the remaining 64 per cent interest reflects an enterprise value of A$270 million, including the existing debt of A$120 million.

The acquisition gives Toll a very significant presence in Japan, said Toll Group's Managing Director Paul Little. This is Toll's another significant investment in Asia after it bought 49 per cent of China's ST-Anda Logistics that it doesn't already own from China Merchants Group in May this year.

Toll anticipate the acquisition, which is funded out of Toll's existing cash reserves, will be earnings per share positive in year one.

Footwork Express employs more than 5,000 people, has revenue of approximately A$775 million.

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Michelle Liang Asia Business News Asia Bureau Tel: +61-2-9247-4344 Email: michelle.liang@abnnewswire.net