Industry Update: Air Freight & Logistics

Industry Highlights

  • On February 22, 2021, Kuehne + Nagel International AG 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.
  • On January 25, 2021, UPS entered into a definitive agreement to sell UPS Freight less-than-truckload unit to TFI International Inc. for $800 million, subject to working capital and other adjustments. TFI International Inc., a
    Canadian holding company that is parent to CFI, will rebrand the acquired unit as “TForce Freight.”

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