The Hamburg trading and services group Otto Group will again be the sole owner of the logistics company Hermes Germany.
On Monday, the financial investor Advent International announced that it would sell its 25 percent stake in the parcel service provider back to the Otto Group. Both companies have already concluded a corresponding agreement, according to a statement. Financial details of the transaction, which is expected to close before the end of the year, were not disclosed.
With the share sale that has now been decided, “a strategic partnership that has existed since 2020” ends, explained Advent. At that time, the investor from the Otto Group acquired the majority share in the British subsidiary of Hermes as well as a minority stake in Hermes Germany.
There has been speculation in the media for some time about the future of the logistics company, which recently posted high losses. Kay Schiebur, who is responsible for services on the Otto Group’s board of directors, explained in a statement that after taking over the Advent stake, the group could “implement the next important steps” at the logistics subsidiary “independently and in a targeted manner.”