K+N shares Apex
Expansion at any price is not Kuehne + Nagel's business model. The freight forwarding group, which most recently invested CHF 1.1 billion in the purchase of Apex in Asia (financed by the group's own funds and approximately 750,000 new Kuehne + Nagel shares issued out of authorised share capital), is bringing additional shareholders on board.
The Schindellegi (Switzerland)-based group is selling a 24.9% stake in Apex to equity investor Partners Group, which will also take a seat on Apex's supervisory board. A sale price was not disclosed.
Apex has been in the market as an airfreight provider for 20 years and in 2020 generated a turnover of CHF 2.2 billion, a gross profit of CHF 296 million and a pre-tax profit of CHF 126 million. Strategically, there is somewhat nebulous talk of a joint "transformative value creation plan" for Apex.
Core initiatives target building additional freight routes, identifying new growth areas such as pharma & healthcare, and M&A activities. The transaction is subject to customary closing conditions, including approval by the relevant competition authorities. Apex will continue to operate independently within the Kuehne + Nagel Group. (sh)