Italy’s Poste Italiane said on Wednesday it signed an agreement with Hong Kong-based Cloud Seven Holding Ltd to buy a 51% stake in Chinese logistics company Sengi Express.
The postal operator said the closing of the deal was 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 company said in a statement.
Sengi Express offers logistics services to Chinese e-commerce companies selling in Italy, the statement added.
Source: Reuters.com