Fox News is reporting that U.N. logistics giant Ascent Global has reached an agreement to raise $50 million in additional financing for the logistics company, the company said on Thursday.
The deal comes as the company seeks to increase its presence in a rapidly growing market.
Ascent is the largest logistics provider in the world and it has more than 300,000 employees in more than 180 countries.
The announcement was made in New York at the International Union of Food and Agricultural Organizations (IUFA) Annual Meeting.
The company has been working with several major companies, including GE and GE Capital, to expand into new markets and the acquisition of Ascent’s logistics business is an important milestone in that plan, Ascent president and CEO Eric Belshe said in a statement.
“We look forward to furthering the growth and impact of Asent in the new and growing logistics market,” he added.
The acquisition of the logistics business will add Ascent to the global logistics network, which includes such companies as UPS, FedEx, and the United Parcel Service.
The U.K.-based company said it expects to generate a total of $2.5 billion in annual revenue by 2026.
“The global logistics industry is expected to grow at a pace of more than $100 billion annually, and as the market expands and grows, our goal is to be a global leader in this industry,” Belshen said in the statement.
The logistics company operates logistics hubs in more the United States, Europe, Latin America and the Middle East.
As the U. S. and European markets expand, Asent will also look to expand operations to Africa and Asia, Belshere added.
As a global logistics company and a global provider of supply chain solutions, the Ascent deal is a significant milestone for the global logistical industry.
In the first quarter of 2019, the U .
S. had the highest number of reported cargo movement days, which is the total number of cargo shipments that travel through a single point in time, at 8,764, according to the International Maritime Bureau.
As it stands, the logistics industry has the second largest market in the U economy, after the shipping industry.
The market is expected continue to grow.
As for the U S, the industry grew by $1.4 billion in the first half of 2019 compared to the same period last year, according a Reuters poll.
As with the other U.s. and global markets, the majority of Ashtans operations are based in the United Sates.
As part of the deal, the newly created Ascent has agreed to take a 50% stake in Ascent, which will increase the global operations’ share in the company to 25%.
In the deal announced on Thursday, Ashtab is expected spend about $200 million on the Aspire Global logistics business.
As Ascent will be a wholly owned subsidiary of the Ascta Group, which owns logistics company ASEAN.
The Ascent Group operates more than 2,000 logistics hubs and is the third largest logistics company in the Asia Pacific region, according ToEUR News.
The $50M deal will be made available to a group of investors led by private equity firm T. Rowe Price.
The group, led by C.K. Miller, has been trying to buy as much Ascent as possible, but so far, it has only made a limited offer to a handful of potential buyers, including the Royal Dutch Shell Group.
Rowe Price group is also a major investor in private equity firms such as KKR and TPG, which are among the largest private equity companies in the World.
T.KRPs plan is to invest $400 million in Aspire and will use the proceeds to expand its presence into the Asia and Latin American markets.
The sale of the company is expected in the second quarter of 2020, according Reuters.
As of December 31, Aspire reported $2 billion in revenue and $1 billion in net income.