Suning Logistics Arm To Acquire CICC-Qianhai Backed Tiantian Express

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...

This news article comes via , who is the copyright owner of this information and news. has licensed the rights to this article and any republication or re-distribution in whole or in part of this content is strictly prohibited without the express consent of China Money Network

You May Also Like