Wal-Mart To Buy Minority Stake In Yihaodian

Wal-Mart Stores Inc WMT agreed to buy a minority stake in the holding company of Chinese eCommerce company Yihaodian. Wal-Mart did not disclose the financial terms of transaction. The deal is likely to close within 60 days. Eduardo Castro-Wright, vice chairman, Wal-Mart Stores Inc and CEO of Walmart Global eCommerce and Global Sourcing, said, "We are excited about this investment. Online sales in China are growing rapidly and are projected to match U.S. online sales in the next few years. By investing in Yihaodian, we're continuing to establish a presence in this important eCommerce market, and are moving forward on fulfilling our aspiration of being the leading global multichannel retailer." WMT shares gained 1% to close at $55.72 yesterday. Read more from Benzinga's Company news.