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22 January 2022 The on-line newspaper devoted to the world of transports 04:13 GMT+1

December 22, 2021

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Original news
Maersk to buy Hong Kong-based LF Logistics for 3.6 billions of dollars

The Asian company has about 10 thousand employees

The Danish shipowning group A.P. Møller-Mærsk continues its strategy of penetration in the terrestrial logistics with the acquisition of the entire capital of LF Logistics Holdings, a logistics company owned by the group Li & Fung of Hong Kong (78.3% of the capital) and Temasek Singapore holdings (21.7%). The transaction, which will have a worth $3.6 billion and will be completed in 2022, it will be settled entirely by cash. Maersk and LF Logistics will continue to operate as autonomous companies.

The agreement provides that the activities of Global Freight Management of LF Logistics remain at Li & Fung and expects in addition, that the Danish group starts a strategic partnership with Li & Fung to develop logistics solutions.

"With this initiative - explained Vincent Clerc, Managing Director of the Ocean & Logistics division of Maersk - we will increase our storage offer and distribution and we will respond to the rapidly growing needs of contract logistics of our customers».

LF Logistics has about 10 thousand employees in 14 countries of the Asia-Pacific region and has a network of 223 warehouses of the total capacity of 2.7 million square meters. In 2020 the company recorded a turnover of about 1.3 billion of dollars and an EBITDA of approximately 235 million Dollars. For the 2021 financial year, a turnover of one billion dollars and an EBITDA of 250 million dollars.

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