Wal-Mart Stores Inc. (NYSE:WMT) has received China approval to buy e-commerce site Yihaodian.
Wal-Mart Stores Gets China Online Go-ahead
Chinese regulators have granted conditional approval to Wal-Mart Stores Inc. (NYSE:WMT) to purchase a majority stake in the e-commerce company Yihaodian.
The retailer will acquire 51% stakes in Yihaodian as part of its plan to expand in the growing Chinese e-commerce sector. It now owns 18% stakes in the firm.
Wal-Mart Stores Inc. (NYSE:WMT) said that the purchase is subject to other regulatory approvals though it received approval from the Ministry of Commerce.
The company did not provide the financial details of the deal.
Wal-Mart Stores Inc. (NYSE:WMT) stocks were at 74.01 at the end of the last day’s trading. There’s been a 24.3% movement in the stock price over the past 3 months.