Maersk completes acquisition of LF Logistics
A.P. Moller - Maersk (Maersk) has announced the completion of its acquisition of LF Logistics.
LF Logistics is a Hong Kong-based contract logistics company, specializes in B2B and B2C distribution solutions within retail, wholesale, and e-commerce in the Asia-Pacific region. The company employs 10,000 people, operates an extensive Pan-Asian network and is the supply chain partner of choice for companies looking to grow in the Asia-Pacific region.
Following the acquisition, LF Logistics will be rebranded to Maersk, which will add 223 warehouses to Maersk´s existing portfolio, bringing the total number of facilities to 549 globally, spread across a total of 9.5 million sq. m.
The value of the transaction is US$3.6 billion, post-IFRS 16 lease liabilities, reflecting a pre-synergy EV/EBITDA multiple of 14.2x based on actual EBITDA for full-year 2021 for the in-country logistics business. Driven by organic growth and commercial synergies, the revenue and EBITDA in the in-country logistics business is expected to more than double by the end of 2026. Additionally, as part of the transaction, an earn-out of up to US$160 million related to future financial performance has been agreed.
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