Apollo (NYSE: APO) has agreed to buy Evri, a U.K.-based parcel delivery company, from Advent International.
The deal reportedly gives the business a valuation of £2.7 billion (around $3.5 billion). Relaunching as Evri in 2022, Evri reaches nearly every household in the U.K. and serves more than 12 million customers per week, on average.
“There is strong momentum in Evri’s business and we are excited to leverage our capital and experience in logistics and transportation to serve as value-add partners in this next phase,” states Apollo’s Michael Saffer.
Sidley Austin LLP is serving as legal counsel to Apollo.