2 hours ago
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(AWP Alliance News) - Kuehne+Nagel International AG (KHNGY, KNIN.SW), a Swiss transport and logistics company, announced Monday that it has entered into a long-term strategic collaboration with tech major Amazon.com Inc. (AMZN) as part of its continued focus on strategic growth initiatives.
The collaboration, which includes Amazon Web Services or AWS, would support future business opportunities. It would further strengthen customer services for Amazon and its affiliates.
Kuehne+Nagel said the deal is supported by a call option on existing Kuehne+Nagel shares that settles in cash or, at Amazon's election, in shares, with vesting based on commercial milestones and services over a period of up to seven years.
The companies project infrastructure lifecycle from construction and equipment deployment to ongoing maintenance, upgrades and expansion projects. With the partnership, Kuehne+Nagel expects to strengthen supply chain resilience, scalability and operational efficiency.
Kuehne+Nagel said it has arranged for a third-party financial institution to engage in hedging transactions in its shares to support the arrangement.
Stefan Paul, CEO of Kuehne+Nagel, stated, "Kuehne+Nagel's global network, digital capabilities and supply chain expertise are well positioned to support Amazon's evolving business needs, enabling us to accelerate future growth opportunities and create lasting value for our customers. We are setting the foundation for a new level of customer service commitment at a global scale for Amazon."
In the overnight activity on Nasdaq, AMZN shares were gaining around 0.88 percent, trading at $255.94.
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