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JD.com Inc.
JD,
is planning to buy Shanghai-listed Deppon Logistics Co. for 9 billion yuan ($1.42 billion) as part of efforts by the e-commerce company to boost its freight and warehousing network.
JD Logistics will initially buy a 66.50% stake in Deppon Logistics from Deppon Holdco, after which a mandatory offer for the remaining shares will be made at CNY13.15 per share, JD.com said Sunday.
“The transaction is subject to a staggered acquisition arrangement and certain customary closing conditions, including relevant regulatory approvals,” the company said.
Deppon Logistics is a trucking and warehousing company in China.
