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Walmart to Sell 144.5M JD.com Shares for $3.6 Billion at 11% Discount
Aug 20, 2024, 11:55 PM
Walmart is reportedly divesting its entire stake in JD.com, a Chinese e-commerce company, aiming to raise up to $3.74 billion. The sale involves approximately 144.5 million shares, offered in a price range of $24.85 to $25.85 per share. This move comes as Walmart looks to end its eight-year partnership with JD.com, initiated in 2016. As a result, JD.com's shares have experienced a significant drop, falling nearly 11% in after-hours trading. Walmart's decision marks a major shift in its investment strategy in China, amid an economic downturn and increased competition in the region. The stake is reportedly being sold for $3.6 billion at an 11% discount.
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