CJ Group’s China logistics business sale estimated to top $1b

Chinese online retailer JD.com, delivery company SF Group and Carlyle are bidding for South Korean conglomerate CJ Group’s China logistics business in a deal estimated at more than $1 billion, reported Reuters.

CJ Group has hired Morgan Stanley to run the sale of Shanghai-based CJ Rokin Logistics Supply Chain Co, which it acquired in 2015 via CJ Logistics Corp.

First-round bidders also include real estate and technology companies as well as other financial sponsors and industry peers.