Ng Yat Chung, president of NOL, said: “This is a strategic move that will allow us to focus on improving our liner shipping business while at the same time enabling APL Logistics to grow.
“The transaction will also strengthen our balance sheet and unlock value for our shareholders.”
The purchase price is 15 times core EBITDA of $80m for 2014.
Singapore-listed NOL said earnings per share (EPS) for 2014 would have increased from $0.10
