Asian Tech Press (Oct 29) -- Indonesian logistics company J&T Express agrees to acquire Chinese express company BEST Inc (BEST:New York)'s express business in China for $1.1 billion.

Two companies jointly announced on Friday a strategic partnership in which J&T Express will acquire BEST Inc's Chinese express business for about 6.8 billion yuan ($1.1 billion).

The Indonesian logistics company was founded in 2015, while Best Inc., which has fiercely competed with several major logistics companies in China, was founded in 2007 and listed on the New York Stock Exchange in 2017.