Chile's Copec buys last-mile firm Blue Express for $225 million

Chile's Empresas Copec has entered the customer delivery services business by acquiring last-mile logistics firm Blue Express for about $225 million, the country's largest industrial group said on Monday. Empresas Copec has a network of 681 gas stations throughout Chile, serving over 1 million customers per day.

Chile's Empresas Copec has entered the customer delivery services business by acquiring last-mile logistics firm Blue Express for about $225 million, the country's largest industrial group said on Monday. Copec subsidiaries signed an agreement with Private Investment Fund BX and Blue Express to purchase 100% of Blue Express' shares, Copec said in a filing to Chile's regulator.

It said the deal, still subject to regulatory approval, would be financed through cash and debt from its subsidiary, Copec SA. Blue Express did not immediately respond to a request for comment.

Blue Express provides logistics services for e-commerce and couriers through 1,000 reception and dispatch points in Chile, covering the costly step of shipping products just before it reaches the customer's door. Empresas Copec has a network of 681 gas stations throughout Chile, serving over 1 million customers per day.

Also Read: Jaishankar wishes Govt, people of Chile on their Independence Day

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)