JD Logistics, Inc. completed the acquisition of 29.6% stake in DEPPON LOGISTICS Co.,LTD. from Cui Weixing and Xu Enjun.
September 29, 2022
Share
JD Logistics, Inc. (SEHK:2618) entered into an agreement to acquire 29.6% stake in DEPPON LOGISTICS Co.,LTD. (SHSE:603056) from Cui Weixing and Xu Enjun (sellers) for approximately CNY 4 billion on March 11, 2022. In related transactions, JD Logistics entered into agreements to acquire additional stake in DEPPON LOGISTICS from management and minority shareholders. Pursuant to the terms, approximately CNY 980 million is payable in first installment, CNY 2.7 billion is payable as second installment while remaining approximately CNY 240 million is payable as third installment. JD Logistics intends to finance the consideration by its own funds and/or financing. The transaction is subject to completion of disposal of Guangzhou Xingguang Small Loan Company Limited, approval from shareholders in relation to the liquidation of Dexin Commercial Factoring (Shenzhen) Co., Ltd. and submission of winding up application of Ningbo Dewei Real Estate Management Co., Ltd. and Ningbo Dezhou Property Management Co., Ltd. As of July 21, 2022, shareholders of JD Logistics approved the deal. As of July 26, the first instalment of the transaction is completed. The transaction also requires approval from third parties, approval from relevant PRC authorities in relation to antitrust review, completion of due diligence investigation, staggered acquisition arrangement and certain customary closing conditions, including relevant regulatory approvals and completion of relevant registrations and procedures.
JD Logistics, Inc. (SEHK:2618) completed the acquisition of 29.6% stake in DEPPON LOGISTICS Co.,LTD. (SHSE:603056) from Cui Weixing and Xu Enjun (sellers) on third quarter ending September 30, 2022.
JD Logistics Inc is a China-based supply chain solutions and logistics services provider. The Company operates its businesses through five segments. Warehousing and Distribution Services segment provides corporate customers with comprehensive, integrated, customizable warehousing and distribution services. Express and Freight Delivery Services segment provides corporate customers and individual customers with express and freight delivery services. Bulky Item Logistics Services segment provides corporate and individual customers with one-stop bulky item warehousing, transportation, delivery and installation services. Cold chain Logistics Services segment provides corporate customers and individual customers with integrated cold chain warehousing, transportation and delivery services. Cross-border Logistics Services segment provides both Chinese and international corporate customers with cross-border supply chain services.