Carlyle Group, the US private equity firm in which Abu Dhabi’s Mubadala Development Company owns a 7.5 percent stake, said on Sunday it has agreed to pay $120 million for an undisclosed stake in Chinese logistics firm Shanghai ANE Logistics Limited (ANE) as it seeks to benefit from China's booming e-commerce business.

Carlyle said the transaction, financed from its Carlyle Asia Partners IV fund, is expected to close in the third quarter.

ANE, founded in 2010, operates distribution centres and franchised stores for smaller "less-than-a-truckload" deliveries of goods between 15 kg (33 lb) to 3 tonnes.

The Chinese firm had previously secured investments from Sequoia Capital and Warburg Pincus, according to its website.

In 2013, Chinese e-commerce giant Alibaba Group Holding Ltd launched its own logistics business, called Cainiao, with plans for 100 billion yuan ($16.1 billion) in investments over the following five to eight years, mostly on warehouses to help speed up delivery of goods.

Carlyle Group was founded in 1987. Abu Dhabi wealth fund Mubadala bought a 7.5 percent stake the company in 2007.

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