Alibaba is Buying Department Store Chain in China for $2.6 Billion

China’s e-commerce giant has put forward a bid to privatize Chinese departmental store chain Intime Retail Group for $2.6 Billion.

Alibaba, which manages the popular Taobao B2C marketplace, now owns 28 percent of Intime and intends to buy it entirely to delist it from the Hong Kong stock market.

Intime runs 29 department stores and 17 shopping malls over China.

The deal, according to the Wall Street Journal, will need to be signed by Intime’s shareholders and by the Cayman Islands, where Intime is incorporated.

Alibaba surely isn’t leaving its online empire.

Alibaba’s plans come as its American rival Amazon, try with new offline formats, such as a physical grocery store without tellers.

Source: mashable