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Maersk acquires LF Logistics from Li & Fung for $3.6 billion to expand Asian market
AP Moller - Maersk continues to expand further into the supply chain, with the acquisition of the logistics business of Li & Fung Group (LF Logistics) in a $3.6 billion deal.
LF Logistics - Li & Fung (Photo: Businesschief)
Recently, many container shipping lines with abundant cash are trying to expand their logistics services. Maersk's latest acquisition with the acquisition of LF Logistics is headquartered in Hong Kong to expand development into the Asian market.
This shows that Maersk - the Danish giant - continues to focus on e-commerce and LF Logistics is seen as having “premium capabilities within omnichannel fulfilment services, e-commerce, and inland transport in the Asia-Pacific region”.
While Maersk's previous acquisitions were mainly focused on Europe and North America, LF Logistics is very strong in the Asian market.
The agreement will lead to a massive increase in Maersk's global warehousing capabilities, adding 223 facilities bringing the worldwide total to 549 facilities covering 9.5 million square meters.
Soren Skou, CEO of Maersk said: “With the acquisition of LF Logistics, we add critical capabilities in Asia Pacific to support our customers long term growth in Asia Pacific as well as capabilities and technology we can scale in our contract logistics business globally."
As part of the acquisition agreement of LF Logistics, Maersk will cooperate strategically with Li & Fung to develop logistics solutions. Li & Fung focuses on the upstream supply chain and Maersk focuses on the downstream supply chain. Li & Fung will remain and is expected to grow its global freight management business.
“With this move, we will boost our warehousing and distribution offering and respond to the rapidly growing needs of our customers for contract logistics. Guided by a customer-centric culture and well-executed operations, LF Logistics has built an unparalleled track record of executing a superior omni-channel strategy for customers, which is a unique position we can use to build and operate fulfilment to customers across our network,” said Vincent Clerc, Managing Director of Shipping & Logistics at Maersk.
The transaction has an enterprise value of $3.6 billion and is expected to close in 2022 with regulatory approval. LF Logistics is 78.3% owned by Li & Fung and Singapore's Temasek Holdings fund 21.7%.
Joseph Phi, Li & Fung Group CEO and LF Logistics CEO, said, “We recognize that for LF Logistics to be a global leader in the industry, achieving scale is of paramount importance. Maersk provides the ideal fit for our people and our customers.”
Phi will step down as CEO of LF Logistics upon completion of the deal and will remain CEO of Li & Fung Group.
Read more:
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- Maersk sells its container manufacturer to CIMC for $987.3 million
- Maersk reports record business results for Q2 and expects Q3 to be even better
- Maersk and JinkoSolar signed a strategic cooperation agreement
- Maersk forecasts that 2021 profits could double the target
Source: Phaata.com (According to Seatrademaritime)
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