The Swiss logistics group Kuehne + Nagel has entered into a binding agreement to acquire the Chinese freight forwarder Apex International Corporation. According to the German Handelsblatt, experts value the transaction between US$1.5 billion (about €1.2 billion) and US$2 billion (€1.6 billion). This is the largest acquisition in the history of Kuehne + Nagel.
Apex was founded in 2001 and has about 1,600 employees. It generates yearly revenues in excess of €1.9 billion. In 2020, the company handled a total air freight volume of approximately 750,000 tons and sea freight volume of 190,000 tons.
“The combination of Apex and Kuehne + Nagel provides us with an opportunity to offer our customers a compelling proposition in the competitive Asian logistics industry, especially in e-commerce fulfillment, hi-tech and e-mobility, said Detlef Trefzger, CEO of Kuehne + Nagel International. Existing liquid sources will finance the purchase and, if needed, by available credit lines, the company said. Apex will continue to operate separately within the Kühne + Nagel group and its management will retain a ”minor” stake.
Freight forwarders store freight for their customers and arrange the transportation of those goods into small shipments. They usually ship freight under their own bills of lading (BOLs), store freight at their warehouses, and are responsible for insuring it. They also can be liable for the loss of or damage to the shipment.
