Deals
Kintetsu to Buy Neptune’s APL Logistics for $1.2 Billion
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Kintetsu World Express Inc. said it’s buying Neptune Orient Lines Ltd.’s logistics business for 144.2 billion yen ($1.2 billion), which will help the Japanese freight mover expand outside its home market.
The purchase will be made by June, the company said in a statement to the Tokyo Stock Exchange today. The acquisition cost includes 141.6 billion yen to purchase the shares of APL Logistics Ltd. and 2.6 billion yen in advisory costs, it said. The deal is subject to regulatory approvals.