JD Logistics to buy remaining stake in Kuayue-Express for $892 mln (updated)

JD Logistics

06/12/2024 10:42

(Adds details, background from paragraph 2 onward)
       Dec 6 (Reuters) - Hong Kong-listed JD Logistics
 2618.HK  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.

    
 
 ($1 = 7.2649 Chinese yuan renminbi)

 (Reporting by John Biju in Bengaluru; Editing by Savio D'Souza
and Shailesh Kuber)
 ((John.Biju@thomsonreuters.com;))