China Finance

Chinese e-commerce giant Suning announced acquisition of Carrefour China operations for $698 mln

Suning announced on Friday it has completed the acquisition of Carrefour Group’s local operations.

Carrefour agreed to sell an 80 percent stake in its China unit for 4.8 billion yuan ($698 million) in cash to the retail unit of Suning Holdings Group Ltd, according to a statement on June 23.

Zhang Jindong, chairman of Suning, said earlier that the acquisition benefits the two companies by leveraging their resources for better development.

Carrefour stores can be transformed to be digital and tech-savvy to improve integration of online and offline retail businesses.

The Nanjing-based appliance vendor has been seeking to expand its customer base and logistics network. It has already purchased DIA’s convenience stores in China and the department stores of Wanda Group, a giant Chinese commercial real estate developer.

With a presence in China dating back to 1995, Carrefour China operates a network of 210 hypermarkets and 24 convenience stores across 51 cities. In 2018, it generated net sales of 28.5 billion yuan.

Source: ecns

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