Kuehne + Nagel sells major part of UK business to XPO
The 3PL has entered into a definitive agreement to sell a major part of its UK contract logistics portfolio to XPO Logistics.
The scope of the transaction includes the drinks logistics, food services and retail & technology businesses. These operations generated a turnover of approximately CHF 750 million in 2019 and are supported by 7,500 employees.
Dr. Detlef Trefzger, CEO of Kuehne + Nagel International AG, said: “One year ago, we first announced the strategic review of our contract logistics business to improve profitability and focus on our core, scalable solutions. We have now reached a major milestone in this effort, having secured an agreement to sell significant non-core assets in the UK. With XPO Logistics, we are pleased to have found a good new home for our customers and employees.”
Both parties have agreed not to disclose financial details. The transaction is subject to merger clearance by the competition authorities. The transaction is expected to close in the second half of the year.
