Transportation and logistics specialist Gefco, a 100% affiliate of PSA Peugeot Citroën, has signed an agreement with the Italian fund Venice, controlled by Palladio Finanziaria, and RP3 fund to acquire their 70% of the Italian Gruppo Mercurio, one of the leading players in transportation and distribution of vehicles in Italy and abroad.

Mercurio has a significant worldwide presence, notably in fast growing areas in Mercosur, India, South-East Asia and Central Europe and made sales of EUR127m in 2010. 

Gefco said the purchase would accelerate its development in outbound automotive logistics, expand its clientele and extend its international footprint.

"In addition, substantial synergies will enable Gefco to strengthen its European network's competitivity," it said.