Japanese global logistics services company Nippon Express is in talks to buy Cargo-Partner, people aware of the matter revealed. Negotiations for a potential deal is underway among the two parties. As per sources, the two may reach an agreement as soon as the coming weeks. Cargo-Partner could potentially be acquired for more than $1bn, sources said on condition of anonymity.
Nippon Express, on April 19, released a statement saying that the reports from various media outlets on Nippon Express Holdings negotiating the acquisition of the Austrian logistics company Cargo-Partner are not based on any announcements from Nippon Express Holdings.
The company said, “Nippon Express Holdings considers various options in our management strategy. However, no particular facts have been decided at this time, including any facts related to the aforementioned matter. If any facts arise in the future that require disclosure, we will make a public announcement promptly.”
Last year, Bloomberg reported that Cargo-Partner is working with an advisor on a potential sale. People with knowledge of the matter say that no final deal has been made so far, and talks could fall apart and another buyer could emerge. The company also made several investments last year.
In April 2022, the Austrian company fully acquired its UK-based partner, Aztek International Freight, following its purchase of a third of the company in 2021. Cargo-Partner, in July, also announced its offer to acquire one third of the shares in European road groupage network Sim Cargo.
Established in 1983, Cargo-Partner has 4,000 employees, 160 offices and is active in 40 countries. It offers air, sea, land transport and warehousing services, with expertise in information technology and supply chain optimisation.
Nippon Express was established in 1937 and now has a global network comprising over 739 locations. Its operations include sea, air and rail activities.