Cabcharge to acquire Yellow Cabs Queensland

Company News

by Carolyn Herbert

Cabcharge Australia Limited (ASX:CAB) has entered into an agreement to acquire the business operations of Yellow Cabs Queensland.

The contract price is $20 million and will be payable by Cabcharge, subject to ACCC approval.

The ACCC has already stated that it does not intend to oppose the transaction.

Cabcharge says the acquisition of Yellow Cabs advances its strategy of offering services on a national basis.

Yellow Cab’s business operations include taxi fleet operations and courier services, which are activities not currently undertaken by Cabcharge.

Shares in Cabcharge are trading 0.22 per cent lower at $2.29.
 

Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.