Kuehne+Nagel buys Apex International Corporation for more than £800m to expand services in Asia
Kuehne+Nagel has acquired Apex International Corporation after pursuing ambitions in Asia.
Kuehne+Nagel has completed the acquisition of Apex International Corporation, (Apex), following the satisfaction of all closing conditions, including the receipt of unconditional regulatory approvals from the competent authorities.
Apex is one of Asia’s leading freight forwarders, especially on the transpacific and intra-Asia trade routes. In 2020, the company generated turnover of CHF 2.2 billion (£1.7bn).
Kuehne+Nagel has acquired the majority of the shares in Apex.
The purchase price paid at closing amounts to CHF 1.1 billion, (£864,320,26), and has been financed by the company’s own funds and approximately 750,000 new Kuehne+Nagel shares issued out of authorised share capital.
In addition, over the next three years, Kuehne+Nagel will have the opportunity to acquire all other shares in Apex for a performance-based consideration.
Dr. Joerg Wolle, Chairman of Kuehne + Nagel International AG, said: “With the acquisition of Apex, Kuehne+Nagel complements its successful organic growth strategy and substantiates its strong position as one of the world’s largest logistics providers. With this transaction we are expanding the Group’s service offering, networks and potential for growth, in Asia and globally.”