Alibaba to buy 20% stake in electronics retailer

E-commerce giant Alibaba announced today it would pay a premium to buy a 20 percent stake in Suning, a Chinese consumer electronics retailer devastated in recent years by online competitors.

According to the New York Times, Alibaba said it would pay $4.6 billion, or about 10 percent above the price of Suning’s shares before trading was suspended on Aug. 3 in Shenzhen, China.

Suning also announced today it would pay $2.28 billion for a 1.1 percent stake in Alibaba.

Read more from the New York Times.