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Toll Holdings Agrees to Buyout by Japan Post
Toll Holdings Limited, a transportation and logistics firm based in Australia and a major freight forwarder in the United States and Canada, has agreed to a buyout by Japan Post.
Under terms of a deal approved by Toll鈥檚 board of directors Feb. 18, Japan Post will pay $9.04 a share for all of Toll鈥檚 outstanding stock, or the equivalent of $5.07 billion in U.S. currency.
The move comes on the heels of a听听move Feb. 16 by Neptune Orient Lines in Singapore to sell its APL Logistics business to Japanese forwarder Kintetsu World Express.
The combination of Toll and Japan Post will create an enterprise with $39 billion in annual revenue and be one of the world鈥檚 top five logistics听firms, company officials said.
Industry analyst Benjamin Gordon of BG Strategic Advisors in West Palm Beach, Florida, said Japan Post 鈥渉as laid out a vision for itself to become an international delivery company and a possible future competitor to FedEx or UPS.鈥
Toll Global Forwarding, based in Carteret, New Jersey, ranks No. 35 on the Transport Topics list of the Top 50 Logistics Companies in North America. Kintetsu World Express and Toll Global Forwarding also rank No. 13 and No. 21, respectively on the Transport Topics list of Top 25 Freight Forwarders.
