OPEN APP
Home / Companies / News /  Alibaba-backed Best to sell China express delivery business in $1.1 bln deal
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. 

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close
Recommended For You
×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout