DHL and UPS are among various bidders for Logen Logistics, one of the largest parcel logistics companies in South Korea, according to local and international media.
The Korea Herald newspaper reported today that private equity funds Affinity Equity Partners, CVC Capital Partners and Seoul-based STIC Investment also took part in the first round of bidding that closed yesterday, citing local sources. The company is valued at about $344 million.
Logen, owned by Baring Private Equity Asia, is the fourth-largest parcel delivery company in South Korea with about 10% of the market, behind the dominant market leader CJ Korea Express (38%), Hyundai Logistics (13%) and Hanjin Transportation (11%), according to the Korea Integrated Logistics Association, the newspaper wrote.
Reuters reported that Affinity and CVC declined to comment while Baring, DHL and UPS could not be immediately reached.
