S. Korea’s CJ picks FountainVest as buyer for China logistics firm in $1.1bln deal - source

CJ Logistics

10/02/2021 09:56

HONG KONG, Feb 10 (Reuters) - Private equity firm
FountainVest Partners is to buy Chinese logistics firm CJ Rokin
from South Korea's CJ Logistics Corp  000120.KS  in a deal that
gives Rokin an enterprise value of 6.9 billion yuan ($1.07
billion), a source said on Wednesday.
    The source, who has with direct knowledge of the matter,
declined to be identified as the proceedings, including the
signing of the sale agreement by FountainVest Partners, were not
public. 
    Bloomberg reported on advanced talks between CJ and
FountainVest earlier on Wednesday. 
    CJ Group had hired Morgan Stanley to run the sale of
Shanghai-based CJ Rokin Logistics Supply Chain Co. 
    CJ had acquired a 71.4% stake of Rokin in 2015 via affiliate
CJ Logistics Corp for 455 billion won ($411.71 million),
according to its regulatory filing.  urn:newsml:reuters.com:*:nL4N2IH2MW 
    FountainVest declined to comment. A CJ Logistics spokesman
did not have an immediate response. 
($1 = 6.4315 Chinese yuan renminbi)

 (Reporting by Kane Wu; Additional reporting and writing by
Joyce Lee;)
 ((jungyoon.lee@tr.com; +82 2 6936 1467;))