CJ Logistics, formerly CJ Korea Express, has bought a 50.9 per cent stake each in Gemadept Logistics Holding, and Gemadept Shipping Holding, with both deals pegged at $85 million (97.8 billion won), The Investor reported.
The deals were made following the disclosure of CJ Logistics CEO Park Geun-tae last month that the company was interested in acquiring logistics firms in Southeast Asia to become one of the top five global firms.
A special purpose company composed of undisclosed financial investors is being set up by CJ that will invest 70 per cent in the latest acquisition, The Investor added.
Gemadebt is said to be the largest Vietnamese logistics firm that was founded in 1990 as a state-owned company, and was one of the early privatized companies.
Gemadebt owns several subsidiaries in port operation, logistics, rubber plantations, and real estate. In 2016, the company reportedly achieved annual revenue of $162 million won.