In recent years, the growth rate of mergers and acquisitions among enterprises in the capital market has gradually slowed down, but it still has a high degree of activity. Mergers and acquisitions for the purpose of asset reorganization and industry integration are still frequent. Mergers and acquisitions have gradually become one of the important ways for the rapid growth and development of Chinese enterprises. With the rise of e-commerce, China’s express delivery industry has entered a golden period of development, but at the same time of rapid development, it also faces the problem of low level of internationalization. In the environment of increasingly fierce competition in the domestic market, the express delivery industry has turned its eyes to the international market, intending to carry out cross-border business in the form of mergers and acquisitions and open up international logistics channels. As an important case of cross-border merger and acquisition of international logistics companies in China’s express industry, the cross-border merger and acquisition of Kerry Logistics by SF Holding has attracted wide attention. This paper adopts case study method and literature study method to analyze the realization of SF Express ’cross-border merger and acquisition of Kerry Logistics from the perspectives of financial synergy, management synergy and operational synergy. In addition, it provides a reference scheme for other domestic enterprises to deal with the potential risks in the process of cross-border mergers and acquisitions.