Kuehne & Nagel acquires Asian logistics firm Apex International

Apex International Co

22/02/2021 06:04

ZURICH, Feb 22 (Reuters) - Swiss logistics firm Kuehne &
Nagel  KNIN.S  said on Monday it was acquiring Asian logistics
provider Apex International Corporation  4927.TW  for an
undisclosed amount, the largest acquisition in its history.
    With approximately 1,600 employees, Apex generates annual
turnover of over 2.1 billion Swiss francs ($2.34 billion) and is
one of Asia's leading air freight forwarders, Kuehne & Nagel
said in a statement.
    The company said the deal allowed it to offer customers
better services in the competitive Asian logistics industry,
especially in e-commerce fulfilment, high-tech and e-mobility.
    The acquisition will be financed by available liquid sources
and, if needed, by available credit lines, Kuehne & Nagel said,
adding a minor stake of Apex shares was to remain with the
management of Apex which will continue to operate separately
within the Kuehne & Nagel group.
    Both parties have agreed not to disclose financial terms of
the transaction, which is subject to customary closing
conditions, Kuehne & Nagel said.
    
    
($1 = 0.8980 Swiss francs)

 (Reporting by Silke Koltrowitz; Editing by Kim Coghill)
 ((silke.koltrowitz@thomsonreuters.com; +41 41 528 3638;))