Dairy Farm International, the Asian retail arm of Jardine Matheson, has agreed to pay $925m for a minority stake in a regional Chinese hypermarket chain Yonghui, braving a sector that has proved difficult to foreign retailers.
The 20 per cent stake is the biggest single acquisition by value by the Jardine Matheson group for at least a decade, according to Dealogic data. The Singapore-listed group, operating via a web of companies, tends to buy small stakes and increase them in stages.
The purchase highlights how the conglomerate is widening its focus beyond its southeast Asia and Hong Kong strongholds.
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