Delhivery has signed a definitive agreement to acquire a controlling stake in Ecom Express for a cash consideration of Rs 1,400 crore from its shareholders. The completion of the transaction is subject to approval from the Competition Commission of India, and customary closing conditions.
Shardul Amarchand Mangaldas & Co acted as the legal advisor and Ernst & Young acted as the financial and tax diligence advisor to Delhivery on this transaction.
Sahil Barua, MD and CEO, Delhivery, said, “The Indian economy requires continuous improvements in cost efficiency, speed and reach of logistics. We believe this acquisition will enable us to service customers of both companies better, through continued bold investments in infrastructure, technology, network and people. The founders and management of Ecom Express have established a high quality network and team, creating a strong foundation to integrate into Delhivery’s operations.”
K Satyanarayana, Founder, Ecom Express said, “Delhivery is among India’s leading fully-integrated logistics service providers with significant scale advantages and will be the ideal shareholder for Ecom Express’ next phase of growth. With this acquisition and its inherent synergies, businesses across India as well as the logistics industry itself will benefit immensely through the combination of two like-minded players.”
