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Suning.com completes acquisition of controlling stake in Carrefour China

Suning.com Co. Ltd. completed its previously announced acquisition of an 80% stake in Carrefour SA's China business for €620 million, or 4.8 billion yuan.

Suning appointed Tian Rui, currently vice president of Suning, as CEO of Carrefour China.

The French supermarket's China operations will remain independent, with plans to open 300 new stores in the country over the next five years. Carrefour China operates 210 hypermarkets and 24 convenience stores across the country.

"With our smart retail capabilities, Suning can transform the Carrefour stores into fully integrated online-and-offline supermarkets to meet evolving consumer demands," said Zhang Jindong, chairman of Suning Holdings Group, Suning's parent.

The news comes days after it was reported that the Chinese electronics retailer will open about 200 concessions within Carrefour's supermarkets across the country by Sept. 28.

As of Sept. 26, US$1 was equivalent to 7.13 Chinese yuan.