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Alibaba, Cainiao take 10% stake in China's ZTO Express for $1.38B

Alibaba Group Holding Ltd. said May 29 that the Chinese e-commerce giant and its logistics unit Cainiao Network Technology Co., Ltd. will buy a 10% stake in Chinese express delivery service provider ZTO Express (Cayman) Inc. for $1.38 billion.

The tie-up will enable Cainiao and ZTO to tap into opportunities in logistics industry arising from growing integration between online and offline commerce in China. The companies plan to collaborate on first-and-last-mile delivery services, warehouse management, cross-border logistics and related technology-focused services, according to a news release.

The deal, which is subject to customary closing conditions, is expected to close early-June.