Alibaba assumes control of chain Intime for $2.6 bi

The trade group online retailer Alibaba will take over the control of the Chinese network of large physical stores Intime, in a privatisation operation of 2.6 billion dollars, reported on Tuesday the company.
Alibaba and the founder of Intime, Shen Guojun, pay 10 Hong Kong dollars per share to buy the papers that do not yet have the company, on a bet by extending your business at physical stores.
The agreement will lead to 74% the participation of Alibaba in Intime, the company that has already invested $692 million in 2014.
To achieve this objective need to reach 19.8 billion Hong Kong dollars in shares (about 2.6 billion dollars), said a statement.
After the announcement, the shares have risen more than 35 percent on the stock exchange of Hong Kong, the over 9 Hong Kong dollars.
The founder of Alibaba, Jack Ma, the more China Rico man, want to expand your business at physical stores.
The Intime has 29 department stores and 17 malls throughout the country.