CTT Correios Portugal: acquisition of the share capital CACESA

CTT - Correios de Portugal, S.A. ("CTT") hereby informs that on this date, CTT, through its subsidiary CTT Expresso - Serviços Postais e Logística S.A ("CTT Expresso"), agreed to the acquisition of the total share capital of Compañia Auxiliar al Cargo Expres, S.A.U. ("CACESA", "Company"), a Spanish company well-established in cross-border e-commerce customs, for a total consideration of €104 million.
The acquisition values the Company at an enterprise value of €91 million, equivalent to a multiple of 5.5x EBIT1. It is subject to customary closing conditions, including applicable regulatory approval. The transaction will only be implemented after obtaining clearance under the relevant merger control authority. It is expected to close in March or April 2025.

CTT will finance the transaction with debt through commitments already agreed with a group of relationship banks. Upon closing, the proforma leverage ratio, with Banco CTT consolidated under the equity method, will be below 2.5x2.

This transaction represents an important milestone in CTT's transformation journey to become a leading e-commerce logistics player in the Iberian Peninsula.