Hong Kong-listed JD Logistics will acquire the 36.43% stake it does not already own in Kuayue–Express Group for not more than 6.48 billion yuan ($892 million), the company said on Friday.
Under an agreement, Suqian Jingdong Bohai Enterprise Management, a unit of JD Logistics, will acquire the remaining stake in Kuayue–Express.
JD Logistics acquired a controlling stake in Kuayue–Express, a logistics services provider in China, in 2020 to further enhance its freight business and strengthen its services.
The acquisition of Kuayue–Express will enable JD to focus on further synergies between the companies and accelerate its development and competitiveness, JD Logistics said in a statement. It also flagged potential for further expansion of the businesses of Kuayue–Express.
JD Logistics, a logistics services provider in China, said that Kuayue–Express has recorded growth that has exceeded the industry standards in the past few years.
Reuters
