Kuehne+Nagel has completed the acquisition of Chinese forwarder Apex International with a purchase price of more than US$1.2 billion (CHF 1.1 billion), adding significant forwarding expertise, particularly on the transpacific and intra-Asia routes.
The forwarder says it will offer customers a ‘compelling’ value proposition in the competitive Asian logistics industry, especially in e-commerce fulfilment, hi-tech and e-mobility.
“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, said Dr. Joerg Wolle, Chairman of Kuehne + Nagel International AG.
Kuehne+Nagel will take the majority of shares in Apex and the Swiss company will have the option to buy the remaining shares over the next three years based on performance.
In the first quarter of 2021, Apex has continued to perform strongly with turnover of CHF 556 million, gross profit of CHF 109 million and earnings before tax of CHF 64 million, K+N noted.
The Swiss forwarder said the Apex management team will continue to run the company with K+N doing a supporting role through its global network, capabilities and solutions.