(RTTNews) - Alibaba Group Holding Ltd (BABA) agreed to sell its majority stake in Sun Art Retail Group to Chinese private equity firm DCP Capital for approximately $1.58 billion. This amount is significantly less than the $3.6 billion Alibaba paid to double its stake in Sun Art in 2020, according to reports. The 78.70% share represents holdings held by Alibaba subsidiaries.
Sun Art Retail confirmed that on December 31, 2024, Offeror entered into a sales and purchase agreement with the Sellers for the conditional sale and purchase of about 7.51 billion Shares (namely the Sale Shares, representing approximately 78.70% of the Shares in issue as at the date of the joint announcement) at a total consideration of HK$10.36 billion, equivalent to HK$1.38 per sale share.
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