Danish logistics company DFDS and Turkish Ekol Logistics have announced that they have cancelled their deal to buy the Turkish company’s international operations. The decision was made after DFDS said that Ekol had failed to meet some mandatory conditions of the agreement reached in August this year.
According to Ekol CEO Ahmet Musul, 24 hours before the deal was scheduled to close, DFDS demanded a reduction in the purchase price, which, although not essential, became unacceptable due to the short time frame for discussing it.
The agreement, which was announced in April, provided for the acquisition of Ekol Logistics’ business transporting goods between Turkey and Europe for 260 million euros.