- 22 January 2021
- Transport / Logistics Services
Poste Italiane has agreed to acquire a 51% stake in China based Sengi Express Ltd from its current owners Hong Kong based Cloud Seven Holding Ltd.
Sengi Express specialises in cross-border logistics between China and Italy, and had a turnover of around €80 million in 2020. The transaction is set to be completed in Q1 of this financial year.
The acquisition by Poste Italiane is the first non-Italian company to join its portfolio. Sengi Express offers a full range of logistics services, tailored for individual Chinese e-merchant that is accompanied by real-time tracking for every shipment from China to Italy. After the acquisition the Post Italiane Group’s existing logistics companies will continue to be its reference logistics network.
The postal operator is developing its international B2C parcels portfolio as part of its transformation strategy to achieve growth through e-commerce.
“This operation strengthens the group’s strategy aimed at improving the customer experience” – commented, Matteo Del Fante, CEO and General Manager of Poste Italiane – “and aims to develop and retain the flow of e-commerce shipments. This is a historic milestone in the process of opening up Poste Italiane to international markets, thanks to the entry of a foreign company into the group. With this agreement, we further diversify our revenues, including geographically, and continue our growth strategy through alliances in the most promising business areas. “