OOIL, JD Logistics to Jointly Invest in Eshipping
- Business & Finance
Orient Overseas International Line (OOIL) has signed a deal with COSCO SHIPPING Logistics and JD Logistics to jointly invest in online logistics platform Eshipping.
The agreement, reached on March 29, would see JD Logistics, OOIL’s subsidiary Gold Talent and Cosco Shipping Logistics form a joint venture for the acquisition of COSCO’s online logistics platform, established in July 2014.
Gold Talent and Cosco Shipping Logistics would subsequently transfer their share in Eshipping into the joint venture, while JD Logistics would provide a capital injection and logistics assets.
The parties plan to establish the JV in Shanghai with an initial registered capital of CNY 255 million (USD 37.9 million). It is subject to approvals by relevant authorities in China.
Once the transaction is finalized, JD Logistics and its affiliate JV ESOP would hold a 56% stake in the JV, while Gold Talent and Cosco Shipping Logistics would have 22% and 18%, respectively.