Logistics major Kuehne + Nagel has enteredinto an 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 (US$809m) in 2019 and employed 7 500 staff.
K+N CEO Dr Detlef Trefzger said it was part of the company’s strategy to improve profitability and focus on core, scalable solutions.
Both parties have agreed not to disclose financial details. The transaction is subject to customary closing conditions, including merger clearance by the competent competition authorities. It is expected to close in the second half of the year.
