Parcel service provider GLS has entered into a definitive agreement to acquire a 20% stake in the Greek parcel carrier ACS Postal Services (ACS). In addition to the initial investment, GLS has secured an option to acquire the remaining 80% of ACS’s share capital within two years.
ACS serves over 30,000 customers and its network provides 100% coverage across mainland Greece and the Greek Islands. It comprises over 271 ACS outlets operated by exclusive independent agents offering competitive and flexible collection and delivery services, 269 parcel shops and eight hubs. This includes a new, highly automated central hub in Athens with a capacity of 50,000 parcels/hour.
The transaction is expected to close by the end of October 2024, marking the beginning of a new chapter in GLS and ACS’s long-standing partnership. The closer integration of ACS into GLS’s broader network is intended to provide more seamless shipping services for both businesses and consumers across Europe and Greece. This move also aligns with GLS’s strategy to enhance its European leadership in domestic and cross-border parcel services within the B2B, B2C and C2X segments.
Dr. Karl Pfaff, chief executive of GLS Group, commented, “Greece is a high-growth parcel market, which is why we are excited to take an initial equity stake in the leading Greek parcel carrier, ACS. This investment supports our strategy to strengthen our domestic positions and, at the same time, to increase our overall European footprint.”
Saadi Al-Soudani, chief international officer of IDS, added, “ACS has been a reliable and high-quality network partner for GLS in Greece for the last 20 years and this investment cements our relationship. I am pleased that this partnership will continue to be strengthened and bring even more benefits to our customers across Greece and Europe.”
Apostolos Georgantzis, chief executive of ACS, said, “This is a significant development for our company, and we are very excited to work more closely with GLS and IDS Group. This development will strengthen our position as the leading player in Greece’s evolving courier and parcel delivery market while providing us with greater access to the GLS network. It means we can deliver even more value to our customers by offering an expanded range of products, services and solutions that fit their needs.”