The Italian postal and financial services group Poste Italiane and Cloud Seven Holding have signed a binding deal to reinforce their partnership in e-commerce services between Italy and China. Under the deal, Poste Italiane will buy 51 percent of the voting capital of Sengi Express, a wholly-owned unit of Cloud Seven. The acquisition is expected to be completed within the first quarter of 2021. It is the first time that Poste Italiane buys a foreign company. Sengi Express proposes logistics solutions for Chinese e-commerce merchants working with Italy. In 2020, it had revenue of about €80 million.
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