Alibaba Grabs Majority Stake in Chinese Supermarket Operator With $3.6 Billion Deal
Alibaba (NYSE: BABA) is plunging more deeply into the retail sector. The company announced Monday it has reached a deal to pay roughly $3.6 billion to boost its stake in Sun Art, which operates a network of hypermarkets and supermarkets throughout China.
All told, Sun Art's store count is 481 hypermarkets and 3 midsize supermarkets, operating under the RT-Mart and Auchan brands. Crucially, it also has a sprawling distribution network and a clutch of storage facilities that will help Alibaba carve out share in the hotly competitive grocery delivery market in China.
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Source Fool.com
