TOKYO: State owned Japan Post intends to buy Australian freight and logistics firm Toll Holdings for $5.1bn.
The firms have concluded a Scheme Implementation Deed under which Japan Post will buy all shares of the Toll Group through Scheme of Arrangement (SOA) based on the Australian Corporations Act.
The acquisition is expected to strengthen domestic operations of the Japanese government owned firm, which aims to stand out in the growing Asian market.
Toll Group maintains a strong logistics portfolio across the Asia-Pacific region, and engages in forwarding and third-party (contract) operations abroad as well.
Japan Post intends to use Toll’s network as a global operational platform to expand its international business and revenues.
The Japanese company will run Toll as a division within the company while Toll brand will be retained.
Toll CEO Brian Kruger said: “The proposed combination is a reflection of the strategic value of our business and our strong footprint throughout the Asia Pacific region. It will deliver great opportunities for our staff, customers and strategic partners.”
Japan Post president and CEO Toru Takahashi said: “We believe the combination of Japan Post and Toll will be a transformational transaction for both our companies and we are very pleased we have been able to reach agreement.
