Adieu to Australia
Singpost is set to sell its Australian freight business to a local equity partner at a value of AUD 775.9 million. Following a bid process, the Singaporean postal provider entered a sale and purchase agreement with Pacic Equity Partners for the sale of Freight Management Holdings (FMH).
This divestment is part of Singpost’s strategy to review and streamline its portfolio, with a specific review initiated for the Australian market earlier this year. As of 30 September, the company also has around AUD 362.1 million debts from the acquisition of FMH, which can now be financed with some of the proceeds from the sale.
After the transaction is completed, FMH can continue to hone its Australian freight forwarding operations under the new ownership. More details can be found in the proposed sale of Singpost Australia Investments from 2 December. (mk)