Allcargo Logistics to acquire Hong Kong-based Asiapac Equity Investment
Allcargo Logistics Limited said that its fully-owned step-down subsidiary AGL N.V. has signed a share purchase agreement with Atlas Global Trading F.Z.C. (UAE) to acquire Asiapac Equity Investment Ltd (Hong Kong).
The all-cash deal is worth $4.99 million, said Allcargo Logistics, which is an Indian logistics company.
Asiapac Equity Investment, through its subsidiaries, is involved in the business of investment and related activities. It is essentially a Hong Kong-based investment firm with underlying subsidiaries operating in ocean freight logistics.
Allcargo Logistics to acquire Hong Kong-based Asiapac Equity Investment. Photo courtesy of Îlepiments/Wikmedia Commons.
According to Allcargo Logistics, the acquisition of Asiapac Equity Investment will increase its business in Turkey in full container load (FCL) as well as less-than-container-load (LCL) consolidation and help in future growth.
Allcargo Logistics expects to close the deal in March 2023.