Alibaba leads consortium in $1.4 billion deal for stake in Chinese courier ZTO

Alibaba leads consortium in $1.4 billion deal for stake in Chinese courier ZTO

Alibaba on Tuesday said it has led a consortium of investors to buy about 10 percent of Chinese courier ZTO Express (Cayman) 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, 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. The investment would be…

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