One of the world’s leading logistics companies, Kuehne+Nagel Group, is entering a binding agreement to acquire Apex International Corporation (Apex), representing the largest acquisition in the group’s history.
While generating a yearly turnover in excess of CHF 2.1 Billion, Apex is one of Asia’s leading freight forwarders in the transpacific and intra-Asia. Founded in China in 2001 Apex has expanded throughout Asia and beyond, with approximately 1,600 employees that handled a total air freight volume of approximately 750,000 tons and a sea freight volume of 190,000 TEU.
Kuehne+Nagel continues to develop their already strong market position in sea logistics, air logistics, road logistics and contract logistics. With over 78,000 employees at 1,400 locations in over 100 countries, the CEO of Kuehne + Nagel International AG, Dr. Detlef Trefzger, said this latest acquisition marks a large step toward fulfilling their strategic Asia ambitions.“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”, he said.
Chairman of the Board of Directors Kuehne + Nagel International AG, Dr. Joerg Wolle, said the company strategically expanded and developed its business in Asia Pacific. “Today we are one of the leading players and are further accelerating our growth and impact in this 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”, he said.
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 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.