Wal-Mart Stores said on Monday it plans to sell its Chinese e-commerce business Yihaodian for the Chinese online retailer JD.com for a share of 5 percent in JD.com in a strategic alliance that aims to expand the scope of Wal-Mart in China.
Under the terms of the deal, JD.com will release about 145 million new shares clase A to Wal-Mart, valued at about $ 1.5 billion considering the current market value of JD.com.
Wal-Mart has taken a stake in Yihaodian, which focuses on online sales of food in 2011 before reaching full control last July.
Under the agreement, JD.Com, the second largest online retailer in China, will control the brand and the site of Yihaodian, while Wal-Mart will continue to operate the direct sales business of Yihaodian and will sell in the marketplace of Yihaodian.
The agreement will give Wal-Mart access to online traffic JD.Com and expand its reach into the Chinese market.
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