JSL - Simpar's logistics company - has just acquired FSJ Logística, a carrier that serves retail and ecommerce and is focused on the so-called 'middle mile'. JSL is paying an enterprise value of R$ 125 million for FSJ, which has a net debt of R$ 16.4 million. The amount implies an EV/EBITDA multiple of 2.9x, below the multiple of around 5x at which JSL itself trades on the stock exchange. The payment will be made 50% in cash and the remainder divided into two annual installments adjusted by the CDI.
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