Bpost, a Belgian company that provides mail and parcel services, has acquired U.S.-based Radial, a privately-owned company that provides e-commerce fulfillment and other logistical services, in deal valued at $820 million. Radial fulfilled more than 306 million units across 24 fulfillment centers in 2016, and recently announced that it will hire 27,000 seasonal workers for the holidays. Radial’s expected 2017 normalized annual revenues will be between $970 million and $1.02 billion. Bpost plans to use Radial to build upon its U.S. Landmark Global business. The SPDR S&P Retail ETF is down 5.5% for the year so far while the S&P 500 index is up 15.2% and the Dow Jones Industrial Average is up nearly 14% for the period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News