Alibaba Group (BABA) said Tuesday it has agreed to sell 100% of the equity interest in Chinese department store operator Intime, and expects to record a loss of about 9.3 billion renminbi ($1.3 billion) due to the sale.
The company and a minority shareholder are selling Intime to a group of buyers comprised of Youngor Group and members of Intime's management, with expected gross proceeds to Alibaba of about 7.4 billion renminbi, the company said.
Alibaba holds about 99% of the equity interest in Intime. The company said the sale is subject to regulatory clearance.
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