New Zealand Post values courier unit at USD160m to USD180M
New Zealand Post today said it valued its express and logistics business, Express Couriers Ltd (ECL), at USD160 million to USD180 million.
The valuation comes as NZ Post and global freight firm DHL look to form a 50/50 joint venture, which they say will give better service to markets in Southeast Asia, China, Japan and India.
The valuation was based on preliminary analysis of the first six-months of ECL’s financial year, NZ Post said in a statement.
The final price within the valuation range for DHL’s investment in the joint venture would not be set until the end of the financial year.
However, NZ Post said it was “confident the agreed pricing structure represents full and fair value”.
Meanwhile, NZ Post’s said its board had considered all aspects of the deal and was satisfied the arrangements offered long-term opportunities for both NZ Post and DHL, customers, shareholders and ECL staff.
Investment bankers Cameron & Company had assisted with the joint venture process.
ECL takes in the brands CourierPost, Pace!, Skyroad and Contract Logistics, and road and airline haul operations.
