Kuehne+Nagel expands presence in Asia
Kuehne+Nagel has completed the majority acquisition of Apex International as part of the efforts to expand their presence in the Asian market. The deal will make the Swiss group the world’s largest airfreight forwarder.
The deal was first announced in February but only last week Kuehne+Nagel confirmed it had received regulatory approval.
The deal, worth CHF1.1billion (€1 billion), has been financed by the group’s own funds and approximately 750,000 new shares issued out of the authorised share capital.
A minority stake remains with the Apex management and over the next three years, Kuehne+Nagel will have the opportunity to acquire all other shares in Apex for a performance-based consideration.
With the acquisition, Kuehne+Nagel becomes a market leader on the transpacific route.
Joerg Wolle, chairman of K+N International AG, said: “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.”
Apex is one of Asia’s leading freight forwarders, especially on the transpacific and intra-Asia trade routes. In 2020, the company generated a turnover of CHF 2.2 billion (€2 billion), gross profit of CHF 296 million (€270.2 million) and earnings before taxes of CHF 126 million (€115 million) and ranked seventh in terms of global air freight forwarding volume.
Together, Kuehne+Nagel and Apex offer their customers a compelling value proposition in the competitive Asian logistics industry, especially in e-commerce fulfilment, hi-tech and e-mobility.
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.
Founded in 1890 by August Kuehne and Friedrich Nagel in Bremen, Germany, the company has, over the last 130 years, evolved from a traditional shipping company to a global logistics partner that offers highly specialised solutions for major industries worldwide.
Today, Kuehne+Nagel is headquartered in Switzerland, with a presence all over the world. With 72,500 employees at 1,400 locations in over 100 countries, the Kuehne+Nagel Group is one of the world's leading logistics companies. Its strong market position lies in sea logistics, air logistics, road logistics and contract logistics, with a clear focus on integrated logistics solutions.
The group works towards sustainable logistics and its Net Zero Carbon initiative aims to achieve carbon neutrality for its sea freight shipments by 2030.
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