Apex takeover takes last hurdle
The authorities have given the green light for Kuehne + Nagel's acquisition of Apex International Corporation (Apex). Apex, which is especially dedicated to the transpacific and intra-Asia trade routes, is now part of the K+N group.
The freight forwarding group, which in 2020 generated a turnover of CHF 2.2 billion and an ebitda of CHF 126 million, ranks seventh in terms of global air freight forwarding volume.
Kuehne+Nagel has acquired the majority of the shares in Apex. A minority participation remains with the Apex management, with the parties retaining customary contractual rights to acquire and sell these shares.
The purchase price paid at closing amounts to CHF 1.1 billion and was financed by the group’s own funds and approximately 750,000 new Kuehne+Nagel shares issued out of authorised share capital.
Over the next three years, Kuehne+Nagel will also have the opportunity to acquire all other shares in Apex for a performance-based consideration. (sh)