- 19 August 2020
- Transport / Logistics Services
Chinese online giant JD.com has agreed to buy a controlling stake in Kuayue-Express Group, a limited-time express delivery company. The acquisition is to be made by JD.com subsidiary Jingdong Express Group.
The deal was made for a total go RMB 3 billion (£333 million) through a combination of existing share acquisition and Kuayue Express creating new shares. This is subject to certain closing conditions, and is likely to be completed during Q3 of the year.
Zhenhui Wang, CEO of JD Logistics said: “We are pleased to collaborate with Kuayue Express to provide customers with the best services available.
“Kuayue Express is a reliable delivery services provider and industry leader in express courier services with innovative technology and advanced operations. Collaborating with Kuayue Express advances our integrated supply chain management, technology initiatives and service expansion to third party merchants. We will leverage our respective advantages and the synergy the collaboration creates to enhance the client experience and increase overall supply chain efficiency for JD and society at large.”