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Shinsegae may acquire Logen parcel delivery

Mar 13,2020
Retail giant Shinsegae is considering acquiring local parcel delivery company Logen to strengthen its online mall.

A source at SSG.com, Shinsegae’s e-commerce brand, said Thursday its interest in bidding for a full stake in Logen, which analysts say is worth around 400 billion won ($331.8 million).

The person added that it is at the early stage of considering a letter of intent for the purchase, and not sure of advancing into final bidding.

Shinsegae is considering an acquisition of a delivery company after a surge in orders to its online mall SSG.com in the wake of the coronavirus outbreak. To avoid human-to-human contact, many customers have turned to e-commerce sites for their shopping needs.

Logen is owned by Baring Private Equity Asia, a Hong Kong-based investment firm.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]