Australia Post has reportedly spent around $100 million buying a 4.5 percent stake in Dubai-based logistics firm Aramex.
The move comes just weeks after Australia Post announced an ecommerce alliance with Aramex which ranks as the four biggest ecommerce logistics firm in the world behind the global majors, DHL, UP and FedEx, The Australian reported.
As part of the deal, Aramex will acquire a 49 percent stake in Star Track International, it added.
The deal follows the stake sale by Aramex founder Fadi Ghandour to property tycoon Mohamed Alabbar and other Gulf investors.
Ghandour said he sold his stake in the company because he wants to focus on other ecommerce opportunities.
Last month Aramex reported a 36 percent rise in second-quarter net profit.
The company made a profit of 125.7 million dirhams ($34.2 million) in the three months to June 30, compared with a profit of 92.5 million dirhams in the year-ago period.
In February, Aramex said it was targeting two or three acquisitions this year as it seeks to expand in its key markets and support further growth from e-commerce.
Follow us on
