Norbert Dentressangle (ND) anticipates cost savings of around £12m through its takeover of rival TDG for £196.5m, announced last week.
The deal, which is still subject to approval by the EU, will give the French logistics company a combined turnover of €3.6bn (£3bn) with 57% of that coming from outside its home market. In addition to reinforcing its two main divisions - transport and logistics - it will provide a boost for its fledgling freight forwarding operation.
Pierre Bernardin, an analyst for BNP Paribas, says the deal is a good one for ND and describes the purchase price as "not very high".
He adds: "The real reason it is so interesting is the synergies they will have in terms of cost and purchasing - they will be able to make a lot of savings in this area."
Although some, notably UK logistics analyst Transport Intelligence, have expressed concerns at the level of debt taken on by ND, Bernardin plays down these fears. He says: "It is not that high and clearly within the range of its bank covenants.
"It's a good deal for ND; French analysts have increased their target price by 10% to 20%."
TDG's former owner, DouglasBay Capital, is delighted with the sale. Alex Paiusco, the firm's CEO, says: "We are very pleased about the development of TDG over the past two years under DouglasBay's ownership. The company is now a recognised and highly profitable market-leader in specialised logistics in Europe."
Given that DouglasBay was always rumoured to have acquired TDG almost by accident, the sale to ND for a figure that could rise to £205m, plus the acquisition of six former TDG sites totalling 172 acres, constitutes a good return on its investment.