Taiwan logistics firm Morrison Express weighs $1 billion sale, sources say

Morrison Express Corp., a Taiwanese logistics company, is considering a sale of the business amid interest from potential buyers, according to people familiar with the matter.

The closely-held company is working with a financial adviser on a strategic review that may lead to the sale of a majority stake in the business, the people said, asking not to be identified because the matter is private. A transaction could value the Taipei-based firm at about $1 billion, the people said.

Other firms in the industry, as well as investment funds, have shown early interest in buying Morrison, the people said. A minority stake sale and a broader partnership agreement could also be an option, the people said.

Founded in 1972 and named after the highest mountain in Taiwan, Morrison has expanded over the years from its roots as a freight forwarder focused on the route between Taiwan and the US to become a global player, according to its website.

It now has a presence in five continents, offering logistics services including air and ocean freight forwarding, customs brokerage, warehousing and distribution for industries such as automotive, health care, manufacturing and industrial, technology and retail and consumer.

Considerations are preliminary and the company could still decide against pursuing a transaction, the people said. A representative for Morrison declined to comment.

Logistics assets have attracted deal activity since Covid-19 spurred a surge in online shopping. JD Logistics Inc. said in March it agreed to buy Chinese logistics firm Deppon Logistics Co. for about $1.4 billion as the delivery arm of China e-commerce giant JD.com Inc. seeks to boost its network infrastructure.

Last year, South Korea’s CJ Logistics Corp. and partners sold its Chinese unit CJ Rokin Logistics Supply Chain Co. to FountainVest Partners for about $662 million. Shanghai Zhengming Modern Logistics Co., a Chinese cold-chain logistics company backed by buyout firms, has also been exploring strategic options including a sale, Bloomberg News has reported.