Alibaba strikes USD 2.6 bln deal with Intime

Tuesday 10 January 2017 | 09:23 CET | News
Alibaba Group is leading a bid to take department store chain Intime Retail Group private for USD 2.6 billion, Bloomberg reports. The deal to buy out Intime is in line with Alibaba's strategy to expand beyond online to the physical store sector. Alibaba and Intime's founder Shen Guojun will pay HKD 10 per share for the Intime shares they do not already own. The transaction price would thus reach HKD 19.8 billion (approximately USD 2.55 billion) including stock options. Alibaba will own almost three-quarters of Intime.

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Categories: General / Internet
Companies: Alibaba
Countries: China / World
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