Alibaba-backed On Friday, Best Inc announced that it would sell its express delivery business in China to J&T Express Co. Ltd. for 6.8 billion yuan ($1.06 billion).
“In view of the unforeseen ongoing hurdles from COVID-19 and altering business dynamics,” Best Chief Executive Johnny Chou stated, “we believe this transaction allows us to better leverage on our strengths by focusing on supply chain-based logistics solutions.”
The logistics company predicts that the sale will bring in roughly $600 million when it closes in the first quarter of 2022.
Best, which is listed on the New York Stock Exchange, was reported by Reuters in January to be considering selling itself as part of a strategic review.
