Kuehne + Nagel International AG has agreed to acquire Apex International Corp. in a deal that values the freight forwarder at about $1.5 billion, according to people familiar with the matter.

Kuehne + Nagel is going to buy a majority stake in Apex Logistics from North Asia-focused private equity firm MBK Partners, which invested in the company in 2015.

Apex Logistics has about 1,600 employees and generates annual turnover in excess of 2.1 billion swiss francs ($2.3 billion), the statement 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.

The sale of Apex Logistics stake marks the second deal that MBK announced in about three months. The private equity firm in November agreed to acquire all the Car Inc. shares it didn’t already own in a deal that valued the Hong Kong-listed firm at about $1.1 billion.

Read more at: Bloomberg

By Cathy Chan and Manuel Baigorri

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