Suning.com recently published an announcement, stating that the group's wholly-owned subsidiary Suning International Group Co., Limited has signed a share purchase agreement with Carrefour Nederland B.V. and Carrefour S.A.
According to the agreement, Suning International will invest CNY4.8 billion in cash to acquire a 80% stake in Carrefour China Holdings N.V. from the transferors.
On the completion of the acquisition, Suning will become the controlling shareholder of Carrefour China; meanwhile, Carrefour Group's shareholding ratio will decrease to 20%.
Suning said that the company will further improve its full scene and full category layout to enhance its market competition ability in the FMCG sector and bring more valuable shopping experience to users.
Carrefour entered the Chinese mainland market in 1995 and it is one of the earliest foreign-invested retail companies that implement business in China. By March 2019, Carrefour China had about 3,000 members, 210 large comprehensive supermarkets, 24 convenience stores and six major warehousing delivery centers in China. Its total floor construction area was over four million square meters, covering 22 provinces and 51 large and medium cities.