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 has been discussing options with potential advisers, including the sale of a roughly 20% stake in the business, according to the people. It’s also been weighing a listing of Apex in Hong Kong, they said.
The Swiss freight transportation group agreed to acquire the remaining holding in Apex last year at an enterprise value of more than $4 billion. It’s reached out to some sovereign wealth funds and infrastructure funds as it seeks to bring in a new external investor, the people said.
Deliberations are ongoing, and Kuehne+Nagel hasn’t made any final decisions on any transaction involving Apex, the people said, asking not to be identified discussing confidential information. A representative for Kuehne+Nagel said Apex remains a strong strategic fit for the company and has supported its growth ambitions in Asia and globally.
Founded in 2001, Apex offers air and sea freight transportation, with warehousing and distribution as auxiliary services. It handles up to 4,000 charters annually, according to its website.
Kuehne+Nagel bought the majority of Apex in 2021 in a deal valuing the company at about $1.5 billion, people with knowledge of the matter told Bloomberg News at the time.
Kuehne+Nagel is scheduled to report earnings on July 23. The company’s largest investor is billionaire Klaus-Michael Kuehne.
