Damco, the global freight forwarding and logistics unit of A.P. Moller-Maersk Group, agreed to acquire Pacific Network Global Logistics, a forwarder with primary operations in Australia and China. Terms of the deal were not announced.
Copenhagen-based Damco, which had revenue of US$2.8 billion in 2011, said it has been looking to strengthen its overall presence in Australia in key PacNet segments such as the retail and lifestyle sectors. The deal also will bolster Damco’s China-to-Australia air freight business, it said.
Australia-based PacNet had revenue of US$180 million in its most recent fiscal year.