Alibaba in US$3.6b Sun Art expansion
Print Edition
Alibaba Group said yesterday it will buy almost 71 percent of Hong Kong listed hypermarket group Sun Art Retail from Auchan Retail International and a subsidiary for US$3.6 billion.
And it wants to buy the rest of the company for another US$2.2 billion, according to an exchange filing yesterday.
Sun Art operates 481 hypermarkets and three mid-size supermarkets in China and the consolidation gives the e-commerce giant a further foothold in the online retail and grocery delivery sector.
“As the COVID-19 pandemic is accelerating the digitalization of consumer lifestyle and enterprise operations, this commitment to Sun Art serves to strengthen our new retail vision and serve more consumers with a fully integrated experience,” said Daniel Zhang, chairman and chief executive of Alibaba.
“The alliance we formed with Auchan Retail and Ruentex is instrumental in building a robust infrastructure to create opportunities and value in China’s retail sector.”
Sun Art’s physical stores have already been integrated into Alibaba’s on-demand delivery platform.
It offers one-hour and half-day on-demand delivery of fresh food and groceries following the e-commerce giant’s investment in the supermarket chain in 2017.
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