K+N completes acquisition of Apex

Kuenhe + Nagel

Kuehne + Nagel has completed the acquisition of Apex International Corporation. The company mainly operates within transpacific and intra-Asian trade routes and generated CHF*2.2bn of turnover with a pre-tax profit of CHF126m in 2020. In the first quarter of 2021, Apex generated CHF556m in turnover with CHF64m pre-tax profit.

K+N 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 CHF1.1bn and has been financed by the Group’s own funds and approximately 750,000 new Kuehne + Nagel shares issued out of authorized 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, stated the following, “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.”

The experienced management team of Apex will continue to run the company, supported by the global network, capabilities and solutions of the Kuehne + Nagel Group. The results of Apex will be fully consolidated in Kuehne + Nagel’s financial statements from the closing date of this transaction.

Source: Kuehne + Nagel

*CHF=$1.11/€0.91

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