RIYADH: Dubai-based logistics company Aramex has signed an agreement to fully acquire cross border e-commerce platform MyUS in a $265 million deal.
The US-based company provides package forwarding solutions to customers who shop from retailers based in the US, UK and China, according to a statement.
The deal comes in line with Aramex’s strategy to expand its cross-border operations and to capitalize on the attractive growth opportunities from a fast-growing $4 trillion global e-commerce sector.
“MyUS’ business and expertise are a natural extension of our solutions, a complementary to our flagship product — Shop & Ship, and we see significant benefits to be derived from this acquisition,” CEO Othman Aljeda said.
“We believe this transaction will open new trade lanes for both companies, as well as increase trade flow from major global trade hubs into the Middle East, where Aramex is a leading player,” he added.
Aramex will fully disclose the details of the transaction upon closing, which is expected to be in the third quarter of 2022.
