Chile's Empresas Copec has entered the customer delivery services business by acquiring last-mile logistics firm Blue Express for about $225 million, the country's largest industrial group said.
Copec subsidiaries signed an agreement with Private Investment Fund BX and Blue Express to purchase 100% of Blue Express' shares, Copec said in a filing to Chile's regulator.
It said the deal, still subject to regulatory approval, would be financed through cash and debt from its subsidiary, Copec SA.
Blue Express provides logistics services for e-commerce and couriers through 1,000 reception and dispatch points in Chile, covering the costly step of shipping products just before they reach the customer's door.
"The Copec network will allow us to generate even more value for our more than 5,000 clients," Blue Express Chief Executive Officer Olivier Paccot said in a joint statement with Copec.
Empresas Copec has a network of 681 gas stations throughout Chile, serving over 1 million customers per day.
Copec Chief Executive Arturo Natho said that the deal would allow Copec to create a "convenient network for shipment and collection of packages."
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