Wincanton plc, the leading provider of supply chain solutions, has announced that it has signed a conditional agreement for the disposal of its remaining operations in Mainland Europe to Rhenus AG & Co. KG via the disposal of Wincanton's Mainland Europe Holding Company.

The Disposal operations comprise Wincanton's German Intermodal and Contract Logistic activities, which operate from 38 locations, and Wincanton's businesses in France, which provide contract logistics and transport services and operate from 30 locations. Collectively, these businesses employ approximately 3,000 employees who will transfer to Rhenus upon completion of the Disposal.

Consideration from the Disposal will be approximately €44m (pre transaction costs). In addition, Rhenus will assume a net pension deficit of c.€30m resulting in an enterprise value of €74m. The consideration will be payable in cash upon completion of the Disposal. The Disposal will be implemented by way of a share sale.