A logistics subsidiary of Chinese retail giant Suning Commerce Group Co., Ltd. has agreed to acquire Hangzhou-based logistics company, Tiantian Express, for RMB4.25 billion (US$612 million) to expand its delivery and logistics capabilities, the company announced.
Jiangsu Suning Logistics Co., Ltd. will first buy a 70% stake of Tiantian Express for RMB2.97 billion, and will acquire the remaining 30% in the next 12 months for RMB1.27 billion after the completion of the first transaction.
Tiantian Express, known also as Daily Express or Tiantian Kuaidi, received a RMB600 million series A financing round led by CICC-Qianhai Development Fund Management Co., Ltd. and joined by a number of Chinese funds in February.
CICC-Qianhai is an investment platform jointly established by investment bank China International Capital Corporation Ltd., Qi...
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