E-commerce giant Amazon.com Inc. (NASDAQ: ) is in talks to buy more than 51% stake in logistics company Ecom Express Ltd for $500 million to $600 million, India’s Mint newspaper reported, citing sources.
What you need to know is that the development follows Amazon’s efforts to build an internal logistics division, according to the information provided.
Ecom Express is a provider of end-to-end technology-based logistics solutions for the Indian e-commerce industry, according to the company’s website. It is present in all 29 states of India and operates in more than 2,650 cities.
Amazon stock price movement ended Monday down 0.99%. Shares of the company have gained more than 24% in a month, according to data from Benzinga Pro.
Recent Purchases Amazon announced it will buy iRobot Corp. (NASDAQ:IRBT) for $61 per share in an all-cash transaction valued at about $1.7 billion, including iRobot’s net debt, according to a company statement. Shares of iRobot are up nearly 30% in the past five days.
The e-commerce giant reported a net loss of $2 billion in the second quarter, while net sales rose 7% to $121.2 billion. Amazon forecast third-quarter net sales of $125 billion to $130 billion.
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