Chinese internet giant Alibaba Group Holding Ltd. (BABA) and two other parties have agreed to buy a majority stake in Chinese hypermarket operator Sun Art Retail Group Ltd. (6808.HK) for US$2.88 billion, the companies said in a joint statement late Sunday.
Alibaba, Auchan Retail S.A. and Ruentex Group have formed a new strategic alliance to buy 77% in Sun Art Retail, which operates 446 hypermarkets in 29 provinces in China under the Auchan and RT-Mart banners, they said, adding that the alliance would explore new retail opportunities in China's food retail sector.
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(END) Dow Jones Newswires
November 19, 2017 19:57 ET (00:57 GMT)