Loading bay at the Kuehne + Nagel International Logistics Center in Hager, Germany. (Alex Cross/Bloomberg)
key takeaways:
- Kuehne+Nagel is considering strategic options for Apex Logistics, including selling a stake of about 20% or a Hong Kong listing, the people said.
- The review matters because Kuehne+Nagel took full ownership of Apex last year at an enterprise value of more than $4 billion after buying a majority stake in 2021.
- Discussions are ongoing and Kuehne+Nagel has not made any final decisions 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 is discussing options with potential advisers, according to the people, including the sale of a stake of about 20% in the business.
He said it was also evaluating the listing of Apex in Hong Kong.
The Swiss freight transport group last year agreed to acquire the remaining stake in Apex at an enterprise value of more than $4 billion.
It has reached out to some sovereign wealth funds and infrastructure funds as it looks to bring in a new outside investor, the people said.
Discussions are ongoing and Kuehne+Nagel has not made any final decisions on any transactions involving Apex, said the people, who asked not to be identified discussing confidential information. A representative from Kuehne+Nagel said Apex remains a strong strategic fit for the company and supports its growth ambitions in Asia and globally.
Established in 2001, Apex provides air and sea freight transportation with warehousing and distribution as supporting services. According to its website, it handles 4,000 charters annually.
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Kuehne+Nagel bought the majority of Apex in 2021 in a deal that values the company at about $1.5 billion, people with knowledge of the matter told Bloomberg News at the time.
Kuehne + Nagel is ranked 7th on the Transport Topics Top 100 list of the largest logistics companies in North America and 12th 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.
