Alibaba-backed Best to sell China express delivery business in $1.1 bln deal
Premium- The logistics firm estimates it can net about $600 million from the sale which is expected to close in the first quarter of 2022.
Home / Companies / News / Alibaba-backed Best to sell China express delivery business in $1.1 bln deal
Premium| Listen to this article |
Alibaba-backed Best Inc said on Friday 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 ($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 $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.
MINT PREMIUM See All
Never miss a story! Stay connected and informed with Mint. Download our App Now!!
×![]()