Wal-Mart gains approval to proceed with China e-commerce expansion
Bentonville, Ark. -- Wal-Mart Stores Inc. indicated Tuesday it has received the OK from Chinese regulators to move forward with its majority stake in e-commerce company Yihaodian.
According to a report by Wall Street Journal, which cited a Wal-Mart spokesperson in Beijing, the approval will allow Wal-Mart to expand its online presence in China. Under the deal, Wal-Mart will increase its stake in Yihaodian from 18% to 51%.
Financial terms of the transaction have not been disclosed.