Athens: After many months in the making, Kintetsu World Express has completed its acquisition of APL Logistics from Neptune Orient Lines (NOL).
The deal was originally announced in February by Tokyo-headquartered Kintetsu, which said it had agreed to pay 144bn yen ($1.21bn) to buy all of APLL’s shares using cash and bank loans.
NOL says the $1.2bn purchase price is “subject to adjustments for the net cash and net working capital of APLL and its subsidiaries as at the completion date”.
The Singapore-listed company says it will announce the final purchase price after these adjustments have been made.
Kintetsu said in February it was attracted APLL’s expertise in offering logistics services for the automobile and retail industries, and hopes the acquisition will bolster its international air freight services.
Meanwhile, APLL has plans to open a new container freight station at the Tungya Collins Terminal in Cakung, North Jakarta, as well as a new logistics hub in Sri Lanka.