Japan Post picks Nomura to advise on Australia’s Toll Holdings: report
SYDNEY, NNA - Japan Post Holdings Co. has picked Nomura Holdings Inc. to advise on future options for its Australian logistics subsidiary Toll Holdings Ltd., The Australian newspaper reported on Tuesday.
The news comes on the heels of another report by the Australian Financial Review which said on Tuesday last week that Japan Post was mulling various options including the sale of Toll Holdings.
Japan Post had been in contact with multiple investment bankers and advisory firms to receive various advice from them to improve the performance of Toll Holdings, its spokesman in Tokyo told NNA, adding that it did not plan to sell Toll Holdings itself.
Japan Post acquired Toll Holdings for AU$6.486 billion ($4.1 billion) in 2015 with the aim of expanding its global reach by utilizing Toll Holdings’ logistics network in the Asia-Pacific region.
Toll Holdings posted a net operating loss (EBIT) of AU$78 million for the nine months to Dec. 31, 2019.
It is widely believe in the industry that if Toll Holdings were to be sold, the deal would likely have to wait until the market stabilizes following the current COVID-19 pandemic.