Indonesian logistics and marine shipping business Meratus is exploring a sale of the business amid interest from prospective investors, according to people familiar with the matter.
(Bloomberg) — Indonesian logistics and marine shipping business Meratus is exploring a sale of the business amid interest from prospective investors, according to people familiar with the matter.
Meratus is working with a financial adviser on the sale plans, the people said, asking not to be identified because the matter is private. The closely-held business is seeking a valuation of about $2 billion, the people said.
Investment funds and other companies in the industry have shown preliminary interest in the business, the people said. Deliberations are at an early stage and no final decision has been made, they added.
A representative for Meratus Group didn’t respond to requests for comment.
Tracing its history to 1957, Meratus counts more than 60 strong vessels and over 500 trucks operating in over 45 routes, according to its website. Based in Surabaya, Indonesia, the company expanded service to Papua New Guinea in February and launched its direct China Indonesia Express route last year.
Transportation companies in Asia have been active dealmakers in recent months. Nippon Express Holdings Inc. said in May that it would acquire Austrian logistics provider Cargo-Partner GmbH for €845 million ($948 million). Mitsui OSK Lines Ltd. agreed late last year to sell its International Transportation Inc. unit to two separate buyers in a deal worth about $1.2 billion in total.
–With assistance from Fathiya Dahrul.
(Updates with transaction context in last paragraph.)
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