SINGAPORE (Reuters) - Singapore Post Ltd (SPOS.SI) 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 (BABA.N) 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