Jingu Finance News | Alibaba (09988) announced that the company, along with another minority Shareholder, agreed to sell 100% of the equity of Intime to a buyer consortium composed of Youngor Group and members of the Intime management team. Intime is one of China's leading department store enterprises.
Alibaba currently Holds about 99% of Intime's equity. The total amount of proceeds from the sale of Intime is approximately 7.4 billion yuan (1 billion USD). Alibaba expects to incur a loss of approximately 9.3 billion yuan (1.3 billion USD) due to the sale of Intime. The completion of the sale of Intime is subject to approval from China's operator concentration review and other customary closing conditions.