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Alibaba to spend $3.6B for controlling stake in supermarket company

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Alibaba Group announced plans to invest $3.6 billion to gain a controlling stake in Chinese supermarket chain Sun Art.

When the transaction is finalized, Alibaba would own 72% of the company.

Alibaba first invested in Sun Art in 2017, when it spent nearly $2.9 billion for a 36.2% stake.

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