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Transportation

Hong Kong's Li & Fung to sell unit to Maersk in $3.6bn deal

Danish shipping conglomerate to take control of profitable logistics business

LF Logistics runs 223 warehouses and fulfilment centers in 14 Asia-Pacific markets. (Courtesy LF Logistics)
KENJI KAWASE, Nikkei Asia chief business news correspondent | Hong Kong

HONG KONG -- Hong Kong's Li & Fung has agreed to sell much of its logistics business to Danish transport conglomerate A.P. Moller-Maersk.

Maersk is to pay $3.6 billion to take full control of LF Logistics. Singapore government investment arm Temasek currently holds a 21.7% stake.

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