SG Holdings Co., Ltd. (Tokyo Stock Exchange: 9143, hereinafter "SG Holdings"), the holding company of the Sagawa Express Group, has signed an agreement to acquire all shares of Morrison Express Worldwide Corporation (hereinafter "Morrison Express"), an international freight transport company headquartered in Taiwan. The acquisition will be conducted through SG Holdings Global Pte. Ltd. (hereinafter "SGG") or a newly established subsidiary. The transaction was announced on February 7, 2025, and was approved by the board of directors on the same day.
Purpose of M&A
SG Holdings has set goals to achieve consolidated operating revenue of 2.2 trillion yen by fiscal year 2030 and to attain carbon neutrality by 2050. As part of its mid-term management plan, "SGH Story 2024," the company has prioritized strengthening its international and overseas services.
Morrison Express specializes in air freight transportation and operates globally with 94 locations across more than 100 countries. It plays a crucial role in the high-tech industry supply chain, serving major clients such as semiconductor and electronics manufacturers.
Within SG Holdings' freight forwarding business, EXPOLANKA has strong expertise in maritime transport and the handling of apparel and consumer goods. This acquisition is expected to expand SG Holdings’ air freight transportation capabilities and enhance its global logistics network, particularly in Asia.
Acquisition Terms
The transaction will be conducted as a cash acquisition, with SGG or its newly established subsidiary acquiring all shares of Morrison Express. The purchase price is set at USD 900 million (approximately JPY 135 billion), with the final acquisition price to be determined after adjustments.
Schedule
Board Resolution Date: February 7, 2025
Agreement Signing Date: February 7, 2025
Expected Closing Date: July 1, 2025
