GEODIS, a global third-party logistics (3PL) and freight forwarding services provider based in Levallois-Perret, France, said this week it has reached a deal to buy Keppel Logistics, a Singapore-based contract logistics provider.

The purchase price was reportedly $80 million. According to GEODIS executives, the transaction is pending regulatory review and approval, which should be completed by the end of the second quarter. In the meantime, GEODIS and Keppel will operate as separate companies and conduct business as usual, the statement said.

According to GEODIS, Keppel has nearly 500 employees and a strong presence throughout Southeast Asia, placing it in the top five contract logistics service providers in Singapore. It has warehouse space in Singapore, Malaysia and Australia totaling more than 200,000 square meters. The service portfolio includes end-to-end B2B and B2C logistics solutions ranging from warehousing to last-mile delivery, as well as strong expertise in e-commerce omnichannel service offerings, all powered by the company's fast-growing UrbanFox platform.

The acquisition will significantly expand GEODIS' contract logistics and e-commerce fulfillment services presence in Singapore and Southeast Asia, the company said.

It said it is a significant step forward in the company's strategic roadmap for the Asia-Pacific region, where it employs 3,700 people at 76 locations. According to the company, the acquisition will further strengthen GEODIS' position as a leading logistics provider and contribute to previous investments in contract logistics locations in India, South Korea and Australia.

In the same release, Thomas Pang, CEO of Keppel Telecommunications & Transportation, told the media that Keppel Logistics has been providing tailor-made integrated logistics in Singapore for more than 50 years.