Container shipping giant Maersk on Wednesday agreed to buy Hong Kong-based LF Logistics for $3.6 billion in an all-cash deal, as it seeks to expand beyond its core ocean freight business.
Shipping containers are transported on a Maersk Line vessel through the Suez Canal in Ismailia, Egypt July 7, 2021. Picture taken July 7, 2021. REUTERS/Amr Abdallah Dalsh/File PhotoPart of Maersk's aim to expand land-based servicesMaersk aims to more than double revenue at LF Logistics by 2026COPENHAGEN, Dec 22 - Container shipping giant Maersk
The deal is one of the group's largest takeovers to date and follows a series of acquisitions including e-commerce firms, a freight forwarder specialised in air freight and its smaller rival Hamburg Sud. With a network of 223 warehouses and around 10,000 employees in 14 Asian countries, LF Logistics provides land-based logistic services such as warehousing and trucking to over 250 global customers.
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