Italy’s Poste Italiane to buy 51% of China’s Sengi Express
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Italy’s Poste Italiane said on Wednesday it had agreed to buy a 51% stake in Chinese cross-border logistics company Sengi Express from Hong Kong-based Cloud Seven Holding Ltd.
The acquisition aims to boost the postal group’s international business to consumer parcel business, to take advantage of increasing online sales, Poste said in a statement.
The group, already facing a drop in letter volumes, has seen mail further reduced by the coronavirus pandemic. But sales of parcels have risen sharply at a time when many countries are imposing stringent lockdowns.
The company added that the closing of the deal is expected at the end of the first quarter of this year but did not give financial details of the operation.
“For the first time, a foreign company will be part of the Poste Italiane Group, contributing to the consolidated results of the group,” the group said.
Sengi Express, which reported a pro-forma turnover of around 80 million euros ($97 million) in 2020, offers logistics services to Chinese e-commerce companies selling in Italy, the statement added.
($1 = 0.8247 euros)
Main Photo: A view of the logo of Poste Italiane postal service at a local branch in Siena, Italy. EPA-EFE/MATTIA SEDDA
