SingPost to gain $312.1m from Australian freight unit divestment

It sold the unit at an enterprise value of $897.6m.

Singapore Post Limited (SingPost) expects to gain $312.1m from selling its Australia business Freight Management Holdings (FMH).

SingPost sold FMH to Pacific Equity Partners (PEP) at an enterprise value of A$1.02b ($897.6m).

PEP paid SingPost A$775.9m ($682.8m) in cash.

A portion of the proceeds will go toward repaying SingPost's A$362.1m ($320.8m) debt incurred during the FMH acquisition.

The proposed divestment is pending regulatory approvals, including Australia’s Foreign Investment Review Board and shareholder approval at SingPost's extraordinary general meeting.

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