By Kosaku Narioka


Alibaba Group Holding plans to buy Cainiao Smart Logistics Network shares from its minority shareholders for up to $3.75 billion as the logistics unit has withdrawn its initial public offering in Hong Kong.

The Chinese technology giant said Tuesday that Cainiao shareholders may accept its offer and sell their shares for a cash consideration of $0.62 each or continue to hold them.

Alibaba Group owns about 63.7% of the fully diluted equity interest in Cainiao, the tech company said.

Alibaba Group plans to align Cainiao's business after the offer is completed to better realize strategic synergies with its group businesses, the company said.


Write to Kosaku Narioka at kosaku.narioka@wsj.com


(END) Dow Jones Newswires

03-26-24 0737ET