Samsung SDS to acquire air cargo firm Woojung Air
Samsung SDS signed a stock purchase agreement on the 12th for 100% of Woojung Air and plans to link its iNomad system with the Cello Square platform.
Samsung SDS signed a stock purchase agreement on the 12th to acquire 100% of the shares of Woojung Air, an air cargo consolidation company, according to bloter.net.
Samsung SDS began reviewing the acquisition's feasibility in the first half of this year and has now completed negotiations with Woojung Air. The company plans to complete the acquisition process within the year.
As part of the deal, Samsung SDS intends to link Woojung Air's air cargo transport system, iNomad, with its own Cello Square digital logistics platform.
Samsung SDS has provided digital forwarding services based on Cello Square since 2021, expanding from South Korea and China to the US and Europe. According to this year's semi-annual report, first-half logistics revenue was KRW 3.6977 trillion, 52.3% of total revenue of KRW 7.0707 trillion.
Quick answers
What did Samsung SDS agree to acquire?
Samsung SDS signed a stock purchase agreement on the 12th to acquire 100% of Woojung Air's shares.
When will the acquisition be completed?
Samsung SDS plans to complete the acquisition process within the year.
How will Woojung Air's system be used?
Samsung SDS plans to link Woojung Air's air cargo transport system, iNomad, with its Cello Square digital logistics platform.