- Acquisition represents the largest in Kuehne+Nagel’s history
-
Apex is one of Asia’s leading air freight forwarders
-
Purchase marks further step toward fulfilling Kuehne+Nagel’s Asia-Pacific ambitions
Global logistics company Kuehne+Nagel announced it will acquire Apex International Corporation in a further step to fulfill strategic Asian ambitions.
Swiss-headquartered Kuehne+Nagel in an e-mailed release on February 22 said it has entered into a binding agreement to acquire Apex, the acquisition representing the largest in Kuehne+Nagel’s history.
Apex is one of Asia’s leading freight forwarders, especially in the transpacific and intra-Asia trade. It was founded in China in 2001 and has expanded throughout Asia and beyond over the years of its growth history.
With about 1,600 employees, Apex generates yearly turnover of more than CHF2.1 billion (US$2.3 billion). In 2020, the company handled total air freight volume of about 750,000 tons and sea freight volume of 190,000 TEUs.
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.”
Tony Song, CEO of Apex, added that with this transaction, Apex will be able to add value to its customers’ supply chains and expand its global logistics network, while also complementing Kuehne+Nagel’s existing global air logistics team.
Joerg Wolle, chairman of the Board of Directors at Kuehne+Nagel International AG, said that over the past years the firm has striven to expand and develop its business in Asia-Pacific in a bid to become among the leading players in the region.
“Asia Pacific has consistently proven to be one of the most important drivers of global trade. The acquisition of Apex is a further important cornerstone in our strategy and significant fulfilment of the Group’s Asia Pacific ambition,” said Wolle.
The two firms did not disclose financial details of the deal.
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, Kuehne+Nagel said.
Following closing of the transaction, a minor stake of Apex shares is to remain with the company. Furthermore, the company will continue to operate separately within the Kuehne+Nagel group.
Photo courtesy of Kuehne+Nagel
