Tokyo-based integrated freight service provider, Nippon Express, is in talks to buy the Austrian logistics provider Cargo Partner. The deal valuation could be around USD 1 billion. The two parties are still negotiating the terms of a prospective deal, and things may materialise in the coming weeks.
The Vienna-based firm has been working with advisors for a potential sale since last year, although nothing has been finalised yet. Founded in 1983, Cargo Partner employs 4,000 staff worldwide and offers air and sea freight services, warehousing, and supply chain management. It reported a turnover of over USD 2.2 billion in 2022. On the other hand, Nippon Express offers integrated freight services covering sea, air, rail, road, and different modes and recorded a net income of USD 819 million last year. It expects lower profit growth this year due to slower economic growth. It is planning a spinoff of its construction and heavy haulage business.