JSE-listed logistics management group, Santova, on Thursday said it had completed the acquisition of Masterfreight Internationale Spedition GmbH (Masterfreight), a company based in Frankfurt Germany, for R4.7 million ($420.000).

Masterfreight was acquired from its founding shareholders, who are also independent third parties in this transaction.

Santova acquired Masterfreight because it is part of Santova’s stated strategy to expand its international footprint to include all major global shipping routes. It also provides Santova with a solid platform from which to grow and leverage its presence in Germany, Europe’s biggest economy.

Masterfreight is a freight forwarding and clearing agent. specialises in air freight imports and exports. It was established in 1989.

The effective date of the acquisition will be December 1 this year. The purchase is not subject to any conditions and the purchase price will be settled fully in cash from existing cash resources, Santova said. The acquisition is expected to have a positive impact on the group’s results.

But the full effects of this impact will only be felt in future financial periods and will not materially affect the group’s results for the next financial year-end.