Nippon Express Co. Ltd. completed the acquisition of 66.6% stake in Panasonic Logistics Co., Ltd. from Panasonic Corporation.
January 19, 2014 at 11:00 pm
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Nippon Express Co. Ltd. (TSE:9062) signed a memorandum of understanding to acquire 66.6% stake in Panasonic Logistics Co., Ltd. from Panasonic Corporation (TSE:6752) on March 28, 2013. Under the terms of the agreement, Panasonic will transfer about 2.4 million shares. Panasonic Logistics reported net sales of ¥73.03 billion for the year ended March 31, 2012. Panasonic Logistics reported net sales of ¥64.93 billion and total assets of ¥38 billion for the period ended March 2013. Nippon Express and Panasonic are currently engaged in negotiations with the goal of finalizing a definitive deal by the end of May 2013. The transaction is subject to government approvals and expiration of the applicable post filing waiting periods and is expected to be completed in July 2013.
As of May 24, 2013, Nippon Express entered into definitive agreement to acquire 66% stake in Panasonic Logistics. Pursuant to the transaction, Panasonic Logistics is expected to be renamed to Nittsu-Panasonic Logistics Co., Ltd. and the transaction is expected to close in December 2013.
Nippon Express Co. Ltd. (TSE:9062) completed the acquisition of 66.6% stake in Panasonic Logistics Co., Ltd. from Panasonic Corporation (TSE:6752) on January 20, 2014.
Nippon Express Holdings Inc. specializes in freight transportation and logistics services. The group provides transport by land, air, rail and sea of products, materials, components, equipment, etc. on behalf of companies and organizations. At the same time, Nippon Express Holdings Inc. offers warehousing and supply chain management solutions. The group's activities are essentially organized around 3 areas:
- logistics services;
- cash and precious goods transportation services; and
- heavy equipment transportation services.
Net sales are distributed geographically as follows: Japan (59.2%), Asia and Oceania (18.3%), America (14.6%) and Europe (7.9%).