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Alibaba takes over hypermarket operator Sun Art in $3.6bn deal

Alibaba takes over hypermarket operator Sun Art in $3.6bn deal

Mubasher: Alibaba Group Holdings has acquired a controlling stake in the Chinese hypermarket operator Sun Art Retail Group Ltd in a $3.6 billion deal.

The e-commerce giant will raise its direct and indirect stake in Sun Art Retail Group to 72%, through the acquisition of 70.94% of equity interest in A-RT Retail Holdings Limited which owns 51% of Sun Art, according to a statement on Monday.

As the COVID-19 pandemic is accelerating the digitalisation of consumer lifestyles and enterprise operations, this commitment to Sun Art serves to strengthen our New Retail vision and serve more consumers with a fully integrated experience,” Alibaba’s Chairman and CEO, Daniel Zhang, said.

Peter Huang has been tapped as Chairman of Sun Art in addition to his current role as CEO.