thestreet.com
Walmart (WMT) is boosting its investment in Chinese e-commerce by purchasing the remaining stake in online retailer Yihaodian. Walmart, which previously held 51% of Yihaodian, announced on Thursday that it has taken full ownership of the company. Walmart said through the acquisition, it plans to invest in accelerating e-commerce and creating a seamless customer experience across online, mobile and stores. Walmart said it acquired the remaining shares of Yihaodian from financial services group Ping An of China, and the company’s co-founders, former chairman Gang Yu and former chief executive Junling Liu, who announced earlier this month that they are exiting Yihaodian. Walmart said Yihaodian will continue to operate under its existing name and will continue to have local leadership with an understanding of Chinese online consumers’ needs. Financial terms of the deal were not disclosed. Yihaodian was founded in 2008.
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