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Alibaba makes major push into physical retail with $3.6bn acquisition of Sun Art

October 19, 2020

Via: Charged

Alibaba has made a major push into bricks-and-mortar retail after acquiring a controlling stake in Chinese hypermarket giant Sun Art Retail.

Shares in Sun Art skyrocketed more than 27 per cent this morning, after Alibaba announced plans to more than triple its stake in the company from 21 per cent to 72 per cent.

The $3.6 billion deal will see Alibaba, China’s most valuable online retailer, take control of Sun Art’s 481 hypermarkets across the country, dramatically expanding its physical retail presence.

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