CH Robinson Worldwide To Buy APC Logistics For US$225 Mln In Cash

(RTTNews) - CH Robinson Worldwide Inc. (CHRW) announced it has entered into a definitive agreement to acquire APC Logistics, a provider of freight forwarding and customs brokerage services in Australia and New Zealand, for approximately A$300 million or US$225 million in cash.

The acquisition is expected to be accretive in 2016 and 2017 and will be financed through cash and funds drawn from C.H. Robinson's existing revolving credit facility.

The two companies have had a long-standing exclusive agent relationship for business in Australia and New Zealand. The agreement is subject to certain customary closing conditions, including regulatory approval.

APC Logistics is a privately held international freight forwarder, providing ocean, air, customs brokerage and consultancy services, currently serving over 3,000 customers and suppliers. Founded in 1974 and headquartered in Melbourne, Australia, APC Logistics employs approximately 300 people and has seven offices in Australia and two offices in New Zealand. APC had A$334.2 million AUD or approximately US$251 million in total revenues for the fiscal year ended June 30, 2016.