Oct 4 Britain's Royal Mail Plc said on
Tuesday it acquired California-based regional parcel delivery
firm Golden State Overnight Delivery Service Inc (GSO) for $90
Britain's former postal monopoly said its ground-based
parcel delivery unit, General Logistics Systems (GLS), bought
GSO on a debt-free and cash-free basis, and that the acquisition
would be funded from existing cash reserves.
Royal Mail said it was looking to boost its geographic
footprint and that GSO was attractively positioned for growth
within its existing markets.
GSO generated revenue of about $114 million in the year
ended March 31. Its existing team, including CEO and founder
Dana Hyatt, will continue to work in GSO, which would function
as a separate entity within GLS, Royal Mail said.
(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by