(Telestock) – Walmartthe largest U.S. distribution organization, has raised about $3.6 billion by selling its stake in Chinese e-commerce company JD.com.
The US company sold 144.5 million shares to $24.95 one, according to Bloomberg, citing people familiar with the matter. This is one 11% discount from Tuesday’s close in the United States and near the lower end of a guidance price range of $24.85-$25.85.
Walmart said in a statement that JD.com has been a valued partner over the past eight years and remains committed to an ongoing business relationship with the Chinese company. “This decision allows us to focus on our strong China operations for Walmart China and Sam’s Club and to use the capital towards other priorities,” he stressed.