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Singapore’s NOL today sealed the sale of its APL Logistics division to Japanese logistics provider Kintetsu World Express (KWE), in one of the largest logistics acquisitions in recent history.
The sale will earn $1.2bn for the state-owned Singaporean shipping line, which is in urgent need of recapitalising its balance sheet, while KWE will be transformed into a mid-to-large sized contract logistics provider with a far greater geographic spread.
NOL said the sale price is 15 times APL Logistics’ EBITDA [earnings before interest, ...
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