CJ Logistics Corporation has taken over Vietnam’s largest logistics company.
 
The South Korean firm announced Monday a deal to acquire 50-point-nine percent of Gemadept Logistics Holding(GLH) as well as 50-point-nine percent of Gemadept Shipping Holding(GSH).
 
The value of the takeover stands at around 100 billion won, or about 877 million U.S. dollars. CJ Logistics and a financial investor will invest in a seven-to-three ratio.
 
Gemadept Corporation was established in 1990 as a state-run company and later privatized.

Over the past five years, Gemadept has posted growth of more than 14 percent annually. Its sales for last year amounted to roughly 100 billion won.