04:22 AM EDT, 06/20/2024 (MT Newswires) -- BEST Inc. ( BEST ) , a supply chain and logistics services provider in China and Southeast Asia, said Thursday it signed a merger agreement with BEST Global Partners and Phoenix Global Partners, a wholly-owned subsidiary of BEST Global.

The transaction implies an equity value of BEST Inc. ( BEST ) of about $54.2 million.

BEST Global and Phoenix Global are exempted companies with limited liability and incorporated under the laws of the Cayman Islands.

The merger is currently expected to close during Q3.

If completed, the merger will result in BEST Inc. ( BEST ) becoming a privately held company and its American depository shares will no longer be listed on the New York Stock Exchange. A consortium, including Shao-Ning Johnny Chou, the chief executive officer and chairman of BEST Inc. ( BEST ), will own the merged entity.