JD.com among possible bidders for British parcel company Evri, sources say

JD Logistics

02/07/2024 12:43

By Amy-Jo Crowley and Kane Wu
       LONDON, July 2 (Reuters) - Chinese online retailer
JD.com  9618.HK  has emerged as one of several companies
exploring a potential bid for British parcel delivery company
Evri, two people familiar with the matter said. 
    Reuters reported earlier this year the owner of Evri was
working with advisers on options, including a potential sale of
the business, which could be valued at around 2 billion pounds 
($2.53 billion) including debt. 
    JD.com is through to the second stage of bidding after
submitting a non-binding offer last month, the people said. 
    Other potential bidders include Polish parcel locker firm
InPost  INPST.AS  and Chinese e-commerce giant Alibaba Group's 
 9988.HK  logistics arm, Cainiao, the people said.
    The companies' interest may or may not result in a final
offer, one of the people cautioned, who requested anonymity as
the matter is confidential.
    Private equity fund Advent International owns a 75% stake in
Evri, while German mail order company Otto Group holds the
remainder of the business. 
    Evri referred requests for comment to Advent, which declined
to comment. Otto Group declined to comment. 
    JD.com and Alibaba did not respond to a request for comment.
InPost, in which Advent has a stake 15% stake according to LSEG
data, declined to comment. 
    JD.com's interest in Evri comes after it considered bidding
for British electrical group Curry's  CURY.L  in February,
ultimately deciding not to make an offer. The group, which
operates a logistic arm via JD Logistics, already has a
partnership with Evri that aims to give European brands greater
access to China. 
    The sale of Evri comes as the Royal Mail owner,
International Distribution Services  IDSI.L , is in the process
of being taken private by Czech billionaire Daniel Kretinsky.
    Apollo Global Management  APO.N , previously reported by Sky
News as a potential bidder for Evri, is also through to the
second stage of bidding, one of the people said. Apollo declined
to comment.   
    Evri was previously known as Hermes before Advent took a
majority stake in the UK business in 2020, as well as a 25%
stake in Hermes Germany from Otto Group. Hermes UK became Evri
under Advent's ownership in 2022.


($1 = 0.7910 pounds)

 (Reporting by Amy-Jo Crowley and Kane Wu; additional reporting
by Sophie Yu in Beijing and Casey Hall in Shanghai. Editing by
Anousha Sakoui and Sharon Singleton)
 ((Amy-Jo.Crowley@thomsonreuters.com;))