Australia’s AMP Capital has bought U.S. logistics group ITS ConGlobal from Carlyle Infrastructure Partners, marking the Australian fund manager’s largest-ever North American deal.

AMP did not provide a deal value in its statement on Monday, but a source familiar with the transaction told Reuters the acquisition was worth more than $500 million.

The price for ITS ConGlobal was about 10.5 times the EBITDA of the freight, terminal and transport firm, said the source, who was not authorized to speak publicly about the matter.

READ FULL ARTICLE HERE