for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

S. Korea’s CJ picks FountainVest as buyer for China logistics firm in $1.1bln deal - source

HONG KONG, Feb 10 (Reuters) - Private equity firm FountainVest Partners is to buy Chinese logistics firm CJ Rokin from South Korea’s CJ Logistics Corp in a deal that gives Rokin an enterprise value of 6.9 billion yuan ($1.07 billion), a source said on Wednesday.

The source, who has with direct knowledge of the matter, declined to be identified as the proceedings, including the signing of the sale agreement by FountainVest Partners, were not public.

Bloomberg reported on advanced talks between CJ and FountainVest earlier on Wednesday.

CJ Group had hired Morgan Stanley to run the sale of Shanghai-based CJ Rokin Logistics Supply Chain Co.

CJ had acquired a 71.4% stake of Rokin in 2015 via affiliate CJ Logistics Corp for 455 billion won ($411.71 million), according to its regulatory filing.

FountainVest declined to comment. A CJ Logistics spokesman did not have an immediate response. ($1 = 6.4315 Chinese yuan renminbi) (Reporting by Kane Wu; Additional reporting and writing by Joyce Lee;)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up