Nippon Yusen will acquire the 41% stake it doesn’t already own in its freight forwarder, Yusen Logistics. The deal is only worth 2% of its own enterprise value (net debt plus market capitalization), but makes strategic sense given the merger of its container-line operations into ONE. It will also allow increased efficiency across NYK’s other logistics operations. While the price offered is 47% above the prior close share price, it compares favorably to Yusen Logistics’ peers. The implied valuation of 8.8x EV/EBITDA based on fiscal 2018 consensus forecasts compares to Nippon Express’s 7.9...