MercadoLibre Acquires Brazilian Logistics Company Kangu For Undisclosed Sum

Latin American e-commerce and financial services technology company MercadoLibre Inc MELI has acquired Kangu, a Brazilian logistics company, for an undisclosed sum.
The move is a part of the company’s strategy of increasing investment across its logistics network to boost efficiency for sellers and offer the fastest delivery times in Brazil.
Over 40 thousand sellers currently use Kangu in Brazil, Colombia, and Mexico. Kangu has more than 5,000 collection and delivery points, more than half of them in Brazil.
Kangu will remain independent and will continue to be managed by its co-CEOs.
MercadoLibre held $1.43 billion in cash and equivalents as of June 30, 2021.
Price Action: MELI shares are trading higher by 0.31% at $1861.125 on the last check Wednesday.

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