Wal-Mart gets China approval for e-commerce deal
Wednesday, August 15, 2012
NEW YORK (AP) — Wal-Mart has received conditional approval from Beijing to acquire a majority stake in a Chinese e-commerce company.
Wal-Mart will increase its stake in the Yihaodian holding company to approximately 51 percent, from a little more than 17 percent.
Yihaodian has been in business for less than four years. It sells more than 180,000 products ranging from groceries to electronics to clothing.
Wal-Mart’s is seeking more access to Chinese consumers, who are increasingly shopping online.
The financial terms were not disclosed, but the transaction is subject to final closing conditions, Wal-Mart spokesman Dan Toporek said Tuesday.
“Wal-Mart is committed to the development of our e-commerce business in China. We are impressed with Yihaodian’s strong management team and pleased with our investment,” he said in an email. “Wal-Mart and Yihaodian will continue to work hard to bring the best shopping experience to Chinese customers.”
Wal-Mart, the world’s largest retailer, operates more than 10,000 retail stores under 69 different names in 27 countries.
Shares of Wal-Mart Stores Inc. rose 61 cents to $74.01.
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