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Business deals

Alibaba-backed Easyhome to float new retail unit in $5.7bn reverse merger

SHANGHAI (Reuters) -- Alibaba-backed home improvement chain Easyhome will take its new retail arm public via a deal worth up to $5.65 billion with a Chinese state-backed listed retail conglomerate, showed stock exchange statements published late on Thursday.

Wuhan Zhongshang Commercial Group Co Ltd in a statement said it would buy Easyhome New Retail by issuing 6 billion shares priced at 6.18 yuan each.

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