Singapore: KKR & Co, CJ Korea Express Co and XPO Logistics have been selected to make final bids for APL Logistics, the logistics unit of Singapore’s Neptune Orient Lines (NOL).
Six offers were received in the first round of bidding; NOL has asked for final offers by next month.
The shipping line wishes to sell the unit for around $1bn, Bloomberg reports.
Bain Capital Partners and CVC Capital Partners have been chosen to conduct due diligence on APL Logistics, sources told the newswire.
The logistics business generated revenue of $399m during the last quarter, equivalent to 18% of NOL’s sales. [3/12/14]