UPS, the New York-listed package delivery giant capitalised at more than $130 billion, is seeking to buy Smartways Logistics from private equity owner The Riverside Company for around $600 million.
People with knowledge of the potential divestment who requested anonymity to speak freely said UPS was slated to enter into exclusive negotiations with Riverside this week. The buyout firm’s operating partner Steven Spiteri and principal Nicholas Pejnovic are advised by JPMorgan bankers Seth Schwartz and Mick Zheng. UPS is self-advised.
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