Skip to main content

Advertisement

Advertisement

Business

Alibaba-backed Best to sell China express delivery business in US$1.1 billion deal

Alibaba-backed Best to sell China express delivery business in US$1.1 billion deal

FILE PHOTO: A BEST Inc logo is seen at one of the company's Shanghai warehouses in Shanghai, China November 8, 2017. Picture taken November 8, 2017. REUTERS/Brenda Goh

Alibaba-backed Best Inc said on Friday (Oct 29) it would sell its express delivery business in China to J&T Express Co Ltd in a deal valued at about 6.8 billion yuan (US$1.06 billion).

"In light of the unexpected ongoing challenges from COVID-19 and evolving industry dynamics, we believe this transaction allows us to better capitalize on our strengths by focusing on supply chain-based logistics solutions," Best Chief Executive Johnny Chou said.

The logistics firm estimates it can net about US$600 million from the sale which is expected to close in the first quarter of 2022.

Reuters had reported in January New York-listed Best was considering selling itself as part of a strategic review.

 

Source: Reuters

Advertisement

Also worth reading

Advertisement