NEW YORK (AP) — Wal-Mart Stores Inc. , the world's largest retailer, says it has received conditional approval from Chinese regulators to purchase a majority stake in a Chinese e-commerce company.
With the deal, the big-box chain operator will increase its stake in Yihaodian's holding company to approximately 51 percent.
The financial terms of the deal were not disclosed, but the transaction is subject to final closing conditions, says Dan Toporek, a Wal-Mart spokesman.
Yihaodian has been in business for less than four years. It sells more than 180,000 products, ranging from groceries to electronics to clothing. The deal improves Wal-Mart's access to Chinese consumers who increasingly use smartphones and social media to shop.
Wal-Mart operates more than 10,000 retail stores under 69 different names in 28 countries.