Business

S.F. Holding to buy Kerry Logistics for $2.3 bn

Read more at www.logupdateafrica.com

  • Robert Kuok, Malaysia’s richest person, controls Kerry Logistics.
  • S.F. Holding and Kerry Logistics Network will coexist as separate entities in Mainland China, Hong Kong and Macau.

February 11, 2021: S.F. Holding is planning to buy Kerry Logistics Network for $2.3 billion deal for its global expansion.

According to a company release, the courier company plans to buy a 51.8 percent stake in Hong Kong-listed Kerry Logistics at HK$18.8 per share.

The cooperation will bring together the core competencies of S.F. Holding and Kerry Logistics Network across multiple verticals to create a leading Asia-based global logistics platform to meet ever-changing demands.

Under the strategic cooperation, Kerry Logistics Network will be positioned as S.F. Holding’s platform for international business. S.F. Holding and the Company will also collaborate with each other in Greater China to better align their respective businesses. By tapping into different customer segments, S.F. Holding and Kerry Logistics Network will coexist as separate entities in Mainland China, Hong Kong and Macau. The partnership is expected to create significant synergies to boost both companies’ growth and leadership in the logistics sector with clear business focuses and complementary strengths to bring value to investors.

Robert Kuok, Malaysia’s richest person, controls Kerry Logistics through his family holding company Kerry Group and its real estate arm Kerry Properties. After the transaction, Kerry Properties’s holding in the logistics firm will be cut to about 20 percent from 40 percent.

Subsequent to the completion of the proposed transaction, Kerry Logistics Network’s listed status on the Hong Kong Stock Exchange will remain unchanged.

Read more at www.logupdateafrica.com

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