JPMorgan Chase Bank and Vastera have signed an agreement and plan of merger whereby Vastera, a provider of global trade management solutions, will be acquired by and combined with the Logistics and Trade Services businesses of JPMorgan Chase's Treasury Services unit. Under the Agreement and Plan of Merger, Vastera shareholders will receive $3.00 for each outstanding share of Vastera common stock they own, for a total transaction value of approximately $129 million.
Vastera's solutions automate the required trade management processes associated with the physical movement of goods internationally. The acquisition will further provide JPMorgan Chase clients with a "one-stop shop" that addresses the increasing challenges and risks associated with moving goods across international borders. The JPMorgan Chase solution facilitates the management of information and processes in support of physical goods movement and financial settlement of the complete global trade process.
As a global financial institution, JPMorgan Chase will offer an integrated cash, trade and logistics solution across the physical and financial supply chains, notes Paul Simpson, emerging payments and global trade services business executive for the Treasury Services unit of JPMorgan Chase.
Completion of the merger is subject to Vastera shareholder and various banking and other customary regulatory approvals.