Vista Capital, the Spanish investment group run by Banco Santander Central Hispano and Royal Bank of Scotland, has sold its stake in Servipack, a provider of express delivery services.
Correos, the Spanish post office, has bought Vista Capital’s share in the business to create one of Spain’s largest express parcel delivery services, which it has renamed Chronoexpres. The new company is expected to manage around 24 million deliveries a year.
Following the acquisition Correos increased its stake in the company from 57 per cent to 74 per cent. The transaction was valued at around EURO40 million.
Vista Capital acquired Servipack in April 2000 for an undisclosed amount. The sale also marks Vista Capital’s
exit from the courier service sector, following its failed takeover of another Spanish courier, Seur in the first part of this year.