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    13,754.510
    83.820
    0.6%
  • OTRI.USA
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  • OTVI.USA
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    82.630
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  • ITVI.USA
    13,754.510
    83.820
    0.6%
  • OTRI.USA
    21.920
    -0.140
    -0.6%
  • OTVI.USA
    13,721.420
    82.630
    0.6%
  • TLT.USA
    2.840
    0.040
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  • TSTOPVRPM.ATLPHL
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American ShipperShipping

Australia Post buys minority stake in Dubai-based logistics provider

The national postal carrier of Australia has purchased a 4.5 percent stake in global transportation and logistics provider Aramex for a reported $100 million Australian (U.S. $76 million) in an effort to boost its e-commerce capabilities.

   Australia Post has purchased a 4.5 percent stake in Dubai-based global transportation and logistics provider Aramex, according to a statement from the company.
   The national postal carrier of Australia did not disclose the financial terms of the deal, but a Reuters report estimated the stake price at around $100 million Australian (U.S. $76 million).
   In addition, Australia Post said it will launch a joint venture with Aramex beginning next month in an effort to boost its e-commerce capabilities.
   The JV aims to help connect Australian businesses and consumers to the world economy and the fast-growing Asian e-commerce market through a “seamless inbound and outbound experience,” the company said. Under the agreement, Australia Post will provide last mile delivery in Australia, utilizing its existing network of drivers and postal trucks to deliver volumes generated by the joint venture.
   Australia Post noted the JV will complement its existing global alliances, including a 49 percent joint venture with China Post, Sai Cheng Logistics International.
   Aramex founder Fadi Ghandour last month sold his 9.9 percent remaining stake in the company to a Cayman Islands-based investment firm Boson Ventures Corp., which is reportedly backed by Emaar Properties PJSC Chairman Mohamed Alabbar.