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SingPost buys 96.3% stake in US e-commerce provider TradeGlobal
SINGAPORE Post Limited (SingPost) is acquiring a 96.3 per cent stake in leading US end-to-end e-commerce provider TradeGlobal Holdings for US$168.6 million (S$236 million).
The acquisition is done through its indirect wholly-owned subsidiary, TG Acquisition Corporation.
Following this transaction, SingPost's clients in Asia-Pacific can now expand their businesses into the US. Likewise, TradeGlobal's clients will have access to the fast-growing e-commerce landscape in Asia-Pacific, said SingPost on Thursday.
Marcelo Wesseler, chief executive officer of SingPost e-commerce, said: "Full service e-commerce solutions have traditionally been geographically confined. This acquisition will offer a one-stop solution for brands to grow their businesses globally."
He added: "This acquisition strengthens our e-commerce logistics platform by enhancing our scalability and capabilities, for instance, to handle major surges in traffic and transactions during peak shopping seasons."