Infinity Logistics to buy Glencore's warehousing operation for $177 mln (updated)

Infinity Logistics and Transport Ventures

31/01/2022 16:01

(Adds detail)
    By Pratima Desai
    LONDON, Jan 31 (Reuters) - Infinity Logistics and Transport
Ventures  1442.HK  has agreed to buy Glencore's  GLEN.L 
warehousing and logistics business Access World for $176.7
million, it said on Monday in a regulatory statement.
    Switzerland-based Access World handles about 20 million
tonnes of commodity products a year, including oil and gas and
industrial metals.
    The business, which sources say has been up for sale for
some time, facilitates metals storage in warehouses approved by
the London Metal Exchange and COMEX, and provides logistics
services and non-exchange storage facilities.
    Infinity Logistics, which specialises in integrated freight
forwarding services, logistics centers and railroad
transportation services, is based in Malaysia. 
    Warehousing sources had expected Access World to be bought
by a Chinese firm. 
    London-listed miner and commodity trader Glencore acquired
the business in 2010 when it was known as Pacorini Metals https://www.reuters.com/article/metals-pacorini-glencore-idUSL8N1923CG.
    It is planning to sell some other assets https://www.reuters.com/markets/deals/glencore-widens-review-assets-eyes-acquisitions-2021-12-02,
 including smaller mines, that are not core to its business.
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 (Reporting by Pratima Desai and Zandi Shabalala; Editing by
Gareth Jones and Jan Harvey)
 ((pratima.desai@thomsonreuters.com; +44 207 513 5681;))