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Business deals

Suning to buy Carrefour's Chinese retail business for $700m

Nanjing-based appliance vendor seeks to expand customer base and logistics network

GUANGZHOU -- Chinese retailer will acquire the local operations of France's Carrefour Group, looking to turn around and leverage a well-established business that has struggled in the face of the country's flagging economic growth and the rise of e-commerce.

The Suning Holdings Group unit will pay 4.8 billion yuan ($699 million) for an 80% stake in Carrefour China, which mainly operates hypermarkets. The deal will reinforce the "market competitiveness of fast-moving consumer goods" operations, Suning said Sunday.

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