Stobart Group has received the backing of shareholders in its move to sell a majority stake in Eddie Stobart, keeping the haulier on course to return to private ownership later this month.
At a general meeting held earlier today, shareholders gave their blessing to the plan to sell a 51% stake in the transport division to the former owners of TDG, Douglasbay Capital.
The partial divestment will create a new private firm: Eddie Stobart Logistics.
As part of the deal William Stobart will become chief executive of the new firm, while Stobart Group will retain a 49% holding in the company and ownership of the brand via a licence agreement.
The deal is expected to complete within the next ten working days.
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