Benzinga | Aug 25, 2021 02:18PM EDT

MercadoLibre Acquires Brazilian Logistics Company Kangu For Undisclosed Sum

* Latin American e-commerce and financial services technology company MercadoLibre Inc (NASDAQ: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.