Internet giant Alibaba Group announced Wednesday that it will acquire a 10.35% stake in SingPost for $249 million, enhancing the Chinese company’s push into the logistics business and new overseas markets.
The deal would make Alibaba the second largest shareholder in publicly-traded Singapore Post, known as SingPost. Singapore state investment firm Temasek Holdings Pte Ltd is SingPost’s largest shareholder with a 25% stake.
Alibaba deal to boost global presence
The deal with SingPost would boost Alibaba’s ability to handle international shipments and facilitate customer sources for goods from outside China. The deal would also help China’s largest e-commerce company plant its flag in...
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