Asian Tech Press (Dec 17) -- Chinese express company BEST Inc (BEST:New York) announced on Friday that it completed the sale of its domestic express business to Indonesian logistics company J&T Express.

Under a definitive agreement signed between the two parties on October 29, the business was transferred for approximately 6.8 billion yuan ($1.1 billion).

BEST Inc said the agreement has been approved by the relevant regulatory authorities, and the transaction has now been completed and its express business in China has been transferred to J&T Express.