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Kuehne+Nagel could sell stake in Apex Logistics unit
Swiss company acquired the remaining holding in Apex last year at an enterprise value of more than $4 billion
Key Takeaways:
- Kuehne+Nagel is considering strategic options for Apex Logistics, including selling about a 20% stake or pursuing a Hong Kong listing, people said.
- The review matters because Kuehne+Nagel acquired full ownership of Apex last year at an enterprise value exceeding $4 billion after buying a majority stake in 2021.
- Deliberations remain ongoing and Kuehne+Nagel has made no final decision as it explores outside investment ahead of its July 23 earnings report.
Kuehne+Nagel International AG is considering strategic options for its Apex Logistics unit, an Asia-focused freight forwarder, people with knowledge of the matter said.
Kuehne+Nagel has been discussing options with potential advisers, including the sale of a roughly 20% stake in the business, according to the people.
It’s also been weighing a listing of Apex in Hong Kong, they said.
The Swiss freight transportation group agreed to acquire the remaining holding in Apex last year at an enterprise value of more than $4 billion.
It has reached out to some sovereign wealth funds and infrastructure funds as it seeks to bring in a new external investor, the people said.
Deliberations are ongoing and Kuehne+Nagel hasn’t made any final decisions on any transaction involving Apex, the people said, asking not to be identified discussing confidential information. A representative for Kuehne+Nagel said Apex remains a strong strategic fit for the company and supported its growth ambitions in Asia and globally.
Founded in 2001, Apex offers air and sea freight transportation, with warehousing and distribution as auxiliary services. It handles up to 4,000 charters annually, according to its website.
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Kuehne+Nagel bought the majority of Apex in 2021 in a deal valuing the company at about $1.5 billion, people with knowledge of the matter told Bloomberg News at the time.
Kuehne + Nagel ranks No. 7 on the Transport Topics Top 100 list of the largest logistics companies in North America and No. 12 on the TT Top 50 list of the largest global freight companies.
Kuehne+Nagel is scheduled to report earnings on July 23. The company’s largest investor is billionaire Klaus-Michael Kuehne.
