Alibaba Grabs Majority Stake in Chinese Supermarket Operator With $3.6 Billion Deal

Alibaba Grabs Majority Stake in Chinese Supermarket Operator With $3.6 Billion Deal

Alibaba (NYSE: BABA) is plunging more deeply into the retail sector. The company announced Monday it has reached a deal to pay roughly $3.6 billion to boost its stake in Sun Art, which operates a network of hypermarkets and supermarkets throughout China. All told, Sun Art's store count is 481 hypermarkets and 3 midsize supermarkets, operating under the RT-Mart and Auchan brands.