Poste Italiane SpA and Cloud Seven Holding Limited have signed a binding framework agreement to strengthen the partnership in the e-commerce market between Italy and China. The framework agreement provides for the acquisition by Poste Italiane of 51% of the voting capital of Sengi Express Limited (“Sengi Express”), a company wholly owned by Cloud Seven Holding Limited based in Hong Kong. Sengi Express is a leading company in the creation and management of cross-border logistics solutions for Chinese e-commerce merchants active on the Italian market, with a pro-forma turnover of approximately €80m in 2020.
The closing of the transaction is expected by the end of the first quarter of 2021.
For the first time, a foreign company will join the Poste Italiane Group, contributing to the consolidated results of the group. Sengi Express offers a full range of services to Chinese e-commerce operators, tailored to the specific needs of the individual merchant, with competitive commercial solutions for each phase of the logistics chain that connects China to Italy. Through agreements with logistics operators, Sengi Express is able to offer a complete range of logistics management services in China, accompanied by a real-time tracking service for each individual shipment, from the hub in China to the recipient. final in Italy. The logistics companies of the Poste Italiane Group will continue to be Sengi Express’ reference logistics service providers for Italy.
For Poste Italiane, the transaction is part of the development of the international business of B2C parcels, a cornerstone of the transformation strategy within the Mail, Parcel and Distribution division, which exploits the exponential growth opportunities of e-commerce.
“This operation strengthens the group’s strategy aimed at improving the customer experience” – commented, Matteo Del Fante, CEO and General Manager of Poste Italiane – “and aims to develop and retain the flow of e-commerce shipments. This is a historic milestone in the process of opening up Poste Italiane to international markets, thanks to the entry of a foreign company into the group. With this agreement, we further diversify our revenues, including geographically, and continue our growth strategy through alliances in the most promising business areas. “
Source: Poste Italiane
