Biggest acquisition for K+N so far
Swiss transport and logistics group Kuehne + Nagel (K+N) is acquiring the Chinese air freight company Apex, which has around 1,600 employees and handles 750,000 t of air freight and 190,000 t of sea freight per year.
According to Kuehne + Nagel, this transaction is the largest acquisition in its history and represents a clear commitment to the growth region of Asia. Apex, which will remain independent, has an annual turnover of approximately EUR 2 billion. In 2019, Kuehne + Nagel generated a turnover of EUR 20 billion and a profit of EUR 733,000.
The seller is South Korean financial investor MBK Partners. The deal is expected to be finalised in April. The purchase price was not disclosed, but part of the shares will remain with the Apex management. (sh)