By P.R. Venkat
Chinese e-commerce giant JD.com Inc. has agreed to buy a controlling interest in Kuayue-Express Group Co. for three billion yuan ($432 million).
JD will acquire the stake through a combination of buying existing shares and subscribing for newly issued shares of Kuayue Express, the U.S. and Hong Kong-listed e-commerce company said Friday.
The transaction is expected to close in the third quarter of this year, JD said.
Kuayue Express is a courier company specializing in "limited-time express service" in China.
"Collaborating with Kuayue Express advances our integrated supply chain management, technology initiatives and service expansion to third party merchants," JD Logistics chief executive Zhenhui Wang said.
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(END) Dow Jones Newswires
August 13, 2020 20:18 ET (00:18 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.