India’s Allcargo Weighing Selling Stake in ECU Worldwide Unit
Allcargo is considering selling stake in its container shipping firm ECU Worldwide, according to people familiar with the matter.
(Bloomberg) -- India’s Allcargo Logistics Ltd. is considering selling a stake in its container shipping firm ECU Worldwide, according to people familiar with the matter.
The company is working with an adviser on the sale of the stake, said the people, who asked not to be identified as the information is private. Allcargo is seeking a deal that would value ECU at about $1 billion, the people said.
The disposal could be a minority or majority stake, the people said. Deliberations are ongoing and the company could decide not to proceed with the sale.
Allcargo is working with Jefferies Financial Group Inc. to evaluate fundraising opportunities in ECU Worldwide and engage with private equity and strategic investors, Allcargo Group chief strategy officer Ravi Jakhar said in response to an emailed Bloomberg News query. The company continues to look for strategic acquisitions, he said.
The potential sale comes as the coronavirus pandemic drives investor interest in shipping, warehousing and other logistics assets. A sale of A.P. Moller-Maersk A/S’s refrigerated container business could value it at as much as $1 billion, Bloomberg News has reported.
ECU Worldwide traces its origins to Belgium in 1987, and offers services including less than container load consolidation, full container load shipping and air freight, its website shows. It has more than 3,500 team members in over 180 countries.
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