Jan 19 Reuters French shipping firm CMA CGM is set to buy British logistics firm Wincanton for about 700 million in a cash deal that will take the Marseillebased group39;s push in logistics into the UK supermarket sector.

The acquisition, announced by the two companies on Friday, would allow CMA CGM, privately controlled by the FrancoLebanese billionaire Saade family, to add a new layer of expertise on warehousing management and grocery, with Wincanton operating from more than 170 sites across Britain and Ireland.

The transaction comes on the heels of a spree of acquisitions by CMA CGM in the logistics sector, marked by the recent 5.5 billion bid for Bollore39;s logistics unit a deal that remains to be closed and past purchases of auto logistics firm Gefco and freight forwarder CEVA logistics.

Cashrich CMA CGM is privately controlled by the FrancoLebanese billionaire Saade family. The group, which benefited from a hike in freight rates and saturated supply chains immediately after the COVID19 pandemic, has pledged to offer endtoend transport services and supply chain management to its clients.

The firm39;s allcash offer, made via CEVA, amounts to 450 pencepershare offer, reflecting a premium of 52 to Wincanton stock39;s closing price of 297 pence on Thursday, or 11.7 times Wincanton39;s underlying annual earnings before interest and taxes.

Wincanton said its board intends to unanimously recommend that its shareholders vote in favour of CMA CGM39;s bid, which would…