MBK Partners is reviving its plan for a potential sale of Chinese freight forwarder Apex Logistics International Inc. which is riding a surge in e-commerce during the Covid-19 pandemic, people with knowledge of the matter said.
The private equity firm is working with a financial adviser and could raise more than $1 billion from a transaction, according to the people, who asked not to be identified because the matter is private. The sale could attract potential suitors such as other logistics companies as well as investment funds, the people said.
Last year, MBK had weighed options including a sale of the business, Bloomberg News reported at the time. The firm decided to put its plans on hold due to trade tensions between China and the U.S., one of the people said.
Deliberations are at an early stage and MBK could decide not to sell the business, the people said. A representative for MBK declined to comment.
Apex Logistics, headquartered in Shanghai, is one of China’s largest air freight forwarders, according to MBK’s website. It has offices in more than 70 countries and offers logistics services including transportation, supply chain solutions and warehousing and distribution, Apex’s website shows. Transportation and logistics companies have seen a surge in demand amid a boom in e-commerce, one of the beneficiaries of coronavirus-driven lockdowns.
Source: Bloomberg
Can’t stop reading? Read more
US Pipeline Operator ONEOK Inks Two Deals for $5.9 Billion
US pipeline operator ONEOK Inc. agreed to buy a Permian Basin rival and a controlling stake in...
Blackstone Is Said to Seek A$5.5 Billion Loan for AirTrunk Bid
Private equity firm Blackstone Inc. is in discussions with banks for a five-year loan of about...
Thrive Capital to lead multi-billion dollar OpenAI investment round at $100bn valuation
OpenAI, the company behind the popular AI tool ChatGPT, is in advanced talks to secure several...