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Singapore Post buys US e-commerce firm for $169 mln
October 15, 2015 / 1:10 AM / 2 years ago

Singapore Post buys US e-commerce firm for $169 mln

SINGAPORE, Oct 15 (Reuters) - Singapore Post Ltd plans to buy U.S.-based e-commerce firm TradeGlobal for $168.6 million, the company said on Thursday, in a bid to expand its e-commerce business outside the region.

SingPost has agreed to acquire 96.3 percent of TradeGlobal Holdings, which offers e-commerce services for the fashion and beauty industries, from private equity firm Bregal Sagemount.

This is the second deal that SingPost has announced in a week in the U.S. e-commerce space. The company said last Friday it would acquire 71.1 percent stake in Jagged Peak, an e-commerce logistics firm, for $15.8 million.

SingPost, which counts Chinese giant Alibaba Group Holding Ltd as its second-largest shareholder, has been seeking to boost its e-commerce business to offset weak postal revenues.

Reporting by Rujun Shen; Editing by Biju Dwarakanath

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