Logen Logistics, Korea’s fourth-largest package delivery firm, may find a new owner in early June, as its main bidding has been set for later this month, local news reports said Thursday.

The company is currently owned by Hong Kong-based Baring Private Equity Asia, which acquired 100 percent stake from Mirae Asset Private Equity in 2013 for 158 billion won ($132 million).


Deal manager JP Morgan is expected to complete due diligence and hold the main auction in late May, they said.

Earlier in March, three bidders -- two global courier giants DHL and UPS and Seoul-based private equity STIC Investment -- were selected as suitors.

Logen Logistics was initially put up for sale late last year but the sales process did not go smoothly due to the lack of interest from local conglomerates such as Hyundai Department Store.

The delivery firm’s operating profit rose 24.4 percent year-on-year to 25.8 billion won in 2015.

Market watchers speculated the price of Logen Logistics would be around 300-400 billion won.

By Kim Yoon-mi (yoonmi@heraldcorp.com)