Singapore shipper Neptune Orient to sell logistics unit-sources: Reuters

Hoping to fetch $750 million.

Singapore's Neptune Orient Lines Ltd is looking to sell its APL Logistics division, with hopes to fetch between 10 and 12 times that amount in a potential sale, or between $750 million and $900 million, according to sources contacted by Reuters.

Shipping and logistics company Neptune is comprised of two major divisions - APL Logistics, a global freight management and logistics business, and a separate container shipping business named APL.

Reuters adds that Neptune plans to launch a process in the fall to find a buyer for APL Logistics and has hired banks to assist with that effort, the sources said, asking not to be named. 

The logistics business had earnings before interest, taxes depreciation and amortization of $74.5 million according to the division's 2013 financials.

View the full report here.