SingPost has acquired a 90 per cent stake in Famous Pacific Shipping (NZ) Limited (FPSNZ) through its subsidiary Famous Holdings Pte Ltd.

Famous Holdings has paid an initial consideration of NZ$3.6 million (US$2.82 million) for the stake and certain debts owing by FPSNZ to the vendors. A potential earn-out consideration of effectively up to NZ$4.4 million based on the adjusted actual net profit after tax of FPSNZ may also become payable, potentially bringing the total consideration up to NZ$8 million.

FPSNZ is a New Zealand-based freight forwarder focusing primarily on sea and air freight forwarding together with customs clearance for inbound and outbound shipments from New Zealand.

Famous Holdings is SingPost’s freight forwarding arm with offices in seven countries namely Singapore, Japan, Australia, China, Malaysia, UK and the US. It provides freight services as well as other value-added services including customs and regulatory management.

Wolfgang Baier, group chief executive officer of SingPost said, “As part of our strategy to grow our regional logistics business, we are strengthening our capabilities to provide fully integrated logistics solutions to our customers, both in Singapore and in the region. This acquisition will allow SingPost to broaden our freight network and establish an entry point into the New Zealand freight market. It also strengthens our capability to provide customers with an integrated e-commerce logistics solution and complements our existing postal and parcel networks.”