CJ Korea Express, KKR & Co, and XPO Logistics have been selected to make final bids for APL Logistics, the logistics unit of Singapore’s Neptune Orient Lines (NOL).
Six offers were received in the first round of bidding; NOL has asked for final offers by next month. In a report by Bloomberg, a person with knowledge of the matter said NOL could sell the entire business for more than US$1 billion.
Bain Capital Partners and CVC Capital Partners have been chosen to conduct due diligence on APL Logistics, sources told the newswire. The logistics business generated revenue of US$399 million during the last quarter, equivalent to 18 per cent of NOL’s sales.