DP World aims to acquire a 60pc stake in South Korean forwarder Unico
DUBAI's global port operator DP World is set to increase its presence in the freight forwarding and logistics sector, agreeing to purchase 60 per cent of South Korean firm Unico Logistics for an undisclosed sum
DUBAI's global port operator DP World is set to increase its presence in the freight forwarding and logistics sector, agreeing to purchase 60 per cent of South Korean firm Unico Logistics for an undisclosed sum.
DP World said it had begun seeking regulatory clearances and expected the deal to be completed in the fourth quarter of this year.
Unico Logistics is one of South Korea's largest NVOCCs and has particular focus on the automotive vertical. It has also been a heavy user of the Asia-Europe rail services.
Group chairman and chief executive of DP World, Sultan Ahmed Bin Sulayem, said: 'DP World's vision is to become the leading end-to-end supply chain solutions provider.
'By integrating Unico into our worldwide network we will be able to offer better service to our customers in South Korea and beyond.'
H J Park, chief executive and founder of Unico Logistics, said: 'Unico has delivered significant growth over the years and we are proud of our success, but we believe this partnership with DP World will allow us to take the business to the next stage of its growth.'
Dubai-headquartered DP World is also reportedly in talks with Indian firm Transworld to buy its subcontinental feeder operator, Shreyas Shipping, adding to its rapidly growing global feeder network following the acquisitions of Unifeeder and Feedertech, UK's The Loadstar reported.