MBK signs to buy Chinese logistics company

By Kim Jae-won

MBK Partners has signed a deal to buy a majority stake in Shanghai-based APEX Logistics, the local private equity firm said Tuesday.

The private equity fund agreed to buy the stake for $85 million (92 billion won) in cooperation with other investors. The fund declined to unveil the size of the stake.

“The SPA (share purchase agreement) was clinched in China two weeks ago. The deal price is about $85 million,” said Hwang Se-kyu, a spokesman for the firm.

This is the first time that a Korean company has acquired a Chinese logistics firm. APEX is the largest logistics company in China by market share, and has a presence here and in the U.S.

MBK said the deal will be completed by the end of this month. It is the nation’s biggest private equity fund with $8.1 billion in capital under management.

One of its biggest deals was the acquisition of ING Life Korea, which it bought for 1.8 trillion won from ING Group in December 2013. ING sold the local unit as part of its global strategy to pay back public debt.