- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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