A.P. Moller - Maersk (Maersk) announces the completion of its acquisition of LF Logistics, a Hong Kong-based contract logistics company, with premium capabilities within omnichannel fulfilment services, e-commerce, and inland transport in the Asia-Pacific region. As consequence, LF Logistics will be rebranded to Maersk.
Following the acquisition, Maersk will add 223 warehouses to the existing portfolio, bringing the total number of facilities to 549 globally, spread across a total of 9.5m square meters.
LF Logistics 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.
The value of the transaction is $3.6 billion (enterprise value) 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 the organic growth and commercial synergies, it is expected that revenue and EBITDA in the in-country logistics business will more than double by the end of full-year 2026.
In addition, an earn-out with a total value of up to $160 million related to future financial performance has been agreed as part of the transaction.
A.P. Moller - Maersk is a global leader in shipping services, the company operates in 130 countries and employs more than 100,000 people. Maersk is aiming to become climate-neutral by 2040 with new technology, new vessels, and new fuels.
