China-based supply chain service provider BEST Inc. (BEST) on June 20, 2024, entered into an agreement to be taken private by BEST Global Partners for $54.2 million.
Under the agreement, BEST will receive $2.88 in cash per ADS, representing a premium of 25.22% from the stock’s last close.
Phoenix Global Partners is also part of the agreement and upon closing Phoenix will merge into BEST Inc., with BEST Inc. becoming a wholly-owned subsidiary of BEST Global Partners.
BEST Inc., headquartered in Hangzhou, China, is a smart supply chain service provider offering integrated services and SaaS-based applications for freight delivery, supply chain management, global logistics, and more through its BEST Cloud platform.
BEST Global Partners is owned by a consortium that includes BEST’s CEO Shao-Ning Johnny Chou, BEST’s chief strategy and investment officer George Chow, and Alibaba Investment Limited.
The merger will be funded by cash contributions from the Sponsors and equity rollovers by certain Consortium members through their rollover shares and ADSs.
The merger is expected to close during the third quarter of 2024, following which BEST’s ADSs will no longer be listed on the New York Stock Exchange.
BEST’s current EV/Sales (TTM) ratio is 0.39, below the sector median of 1.84.
For more in-depth details about this M&A transaction, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of BEST Inc. (BEST) by BEST Global Partners
The Deal Metrics page for each merger or acquisition includes:
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Editor’s Note: Baranjot Kaur contributed to this article