Maersk is paying $3.6bn for Li & Fung’s contract logistics business as the world’s largest container shipping line works to boost its land-based operations.
Flush with cash from record high shipping freight rates, the Danish group is seeking to go beyond its core ocean business and add on everything from ecommerce capabilities to road and air freight.
Maersk is buying the contract logistics part of LF Logistics, a Hong Kong-based company owned 78 per cent by parent group Li & Fung and Temasek holding the rest. It will also enter into a strategic partnership with Li & Fung.
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