Kuehne + Nagel has entered into a binding agreement to acquire Apex International Corporation (Apex), one of Asia’s leading freight forwarders. The company was founded in China in 2001 and has expanded throughout Asia and beyond.
With approximately 1,600 employees, Apex generates yearly turnover in excess of CHF* 2.1bn. In 2020, the company handled total air freight volume of approximately 750,000 tons and sea freight volume of 190,000 TEU.
Dr Detlef Trefzger, CEO of Kuehne + Nagel International AG, said: “The combination of Apex and Kuehne + Nagel provides us with an opportunity to offer our customers a compelling proposition in the competitive Asian logistics industry, especially in e-commerce fulfilment, hi-tech and e-mobility. We are looking forward to welcoming the Apex colleagues to the Kuehne + Nagel family.”
The acquisition is subject to customary closing conditions, including merger clearance by the competent competition authorities. The purchase price will be financed by available liquid sources and, if needed, by available credit lines. Following the closing of the transaction, a minor stake of Apex shares is to remain with the experienced and entrepreneurial management of Apex. Furthermore, the company will then continue to operate separately within the Kuehne + Nagel Group.
At this point, both parties have agreed to not disclose any further transaction details.
Source: Kuehne + Nagel
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