Ocean Network Express Pte. Ltd entered into a letter of intent to acquire 51% stake in INTERNATIONAL TRANSPORTATION INC. from Mitsui O.S.K. Lines, Ltd. (TSE:9104) on October 31, 2022. A Definitive Agreement is expected to be signed on November 16, 2022.

Ocean Network Express Pte. Ltd. entered into an agreement to acquire a 51% stake in INTERNATIONAL TRANSPORTATION INC. from Mitsui O.S.K. Lines, Ltd. (TSE:9104) for $212.5 million on December 27, 2022. For the period ended December 31, 2021, INTERNATIONAL TRANSPORTATION recorded net worth of $230 million, total assets of $300 million, revenues of $520 million, EBIT of $65.54 million and net income of $61.38 million.

The buyer will acquire 510 shares of the total shares of target company. The transaction is expected to close in February, 2023. The transaction is now expected to close in March 2023.