Suning to buy TTK Express to boost its logistics capability

Suning Commerce Group Co Ltd's logistics subsidiary plans to spend 4.25 billion yuan ($611.03 million) buying Hangzhou-based TTK Express, aiming to expand its logistics business and cover more clients.

The Nanjing-based retail giant announced on Monday that its unit Jiangsu Suning Logistics Co Ltd would pay 2.975 billion yuan to initially buy a 70 percent stake in TTK Express.

After the acquisition of the 70 percent stake, Suning said it would buy the remaining 30 percent for 1.275 billion yuan within 12 months.