Alibaba invests in the largest hypermarket operator in China

News

Alibaba invests in the largest hypermarket operator in China

20.10.2020 News

The largest Chinese Internet company Alibaba Group Holding Ltd. will acquire from Auchan Retail International shares of the largest Chinese hypermarket operator Sun Art Retail Group for $ 3.6 billion, according to the press release from Alibaba.

“Alibaba is investing $ 28 billion ($ 3.6 billion) to acquire … 70.94% of Auchan Retail’s stake in its A-RT Holdings division, which owns 51% of Sun Art,” – the statement said.
After closing the deal, Alibaba will directly and indirectly own approximately 72% of the Sun Art.

Following the publication of the announcement of the deal, Sun Art shares on the Hong Kong Stock Exchange rose in price by 18.6%, Alibaba shares – by 1%.

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