Apex Logistics International (CN) Limited has been put up for sale by MBK Partners, which hopes to lock in a valuation of more than $1 billion after the coronavirus crisis boosted the Chinese freight forwarding company's business, people close to the matter said. MBK, which is working with Morgan Stanley on the divestiture, is marketing the firm to logistics groups such as DSV Air & Sea A/S (DSV), Expeditors International of Washington, Inc. (NasdaqGS:EXPD)  or Agility Public Warehousing Company K.S.C.P. (KWSE:AGLTY), the sources told Reuters. MBK, Morgan Stanley, DSV and Agility declined to comment, while Expeditors was not immediately available for comment.

Bidders are expected to value the company at 12-15 times core earnings in a potential deal, these people said, adding that one of the big valuation questions is the sustainability of the profit figures once the pandemic subsides. First-round offers are due in mid-December, 2020 they added.