Report: UPS Seeks Smartways Logistics Acquisition for About A$600 Million

UPS is seeking to buy Smartways Logistics from private equity firm The Riverside Company for about A$600 million, according to a Sunday report in The Australian Financial Review.

The newspaper's Street Talk column reported that UPS was expected to enter exclusive negotiations with Riverside this week. It cited people familiar with the potential sale who spoke anonymously.

The talks would be a step toward a possible acquisition, not a completed deal. The report did not announce a signed agreement or a closing date.

Riverside is being advised by JPMorgan's industrials team, while UPS is advising itself, the newspaper reported.