SHANGHAI (Reuters) – Alibaba Group Holding Ltd on Tuesday said it has led a consortium of investors to buy about 10 percent of Chinese courier ZTO Express (Cayman) Inc for $1.38 billion, as part of the e-commerce firm’s push into offline services.
The consortium includes Alibaba’s majority-owned logistics affiliate Cainiao Smart Logistics Network Ltd, Alibaba and ZTO said in a joint statement without disclosing the identity of other investors. They said they expect the deal to close in June.
Investment - Alibaba - Courier - Minority - Stakes
The investment would be Alibaba’s third in a Chinese courier after buying a minority stakes in YTO Express Group Co Ltd and Best Inc.
The e-commerce firm has been expanding its logistics network at home and abroad as it works to diversify its customer base. As part of that effort, it became majority shareholder in September of Cainiao, which provides logistics support to Alibaba’s main e-commerce platform, Taobao.
ZTO - Percent - Cainiao - Alibaba - Dozen
ZTO owns 1 percent of Cainiao, which it co-founded with Alibaba and over a dozen other Chinese companies...
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