Alibaba spends 4.6 billion U.S. dollars to buy stake in the offline retailer

Alibaba will invest about 28.3 billion yuan, or about 4.63 billion U.S. dollars, in Suning to become its second-largest shareholder.

Suning will buy no less than 27.8 million new shares in Alibaba for 14 billion yuan.

Suning will also hold about 1.09 percent of Alibaba, which is traded in the U. S., at a price of 81.51 U.S. dollars per share.

More than 1,600 stores, 3,000 aftersales service centers and other offline service stations of Suning will be “seamlessly connected with Alibaba’s strong online network.

Suning will open a flagship shop on Alibaba’s brand-focused online retail platform The two sides will also cooperate on logistics, payment and aftersales services, as well as overseas business integration.

Alibaba chairman Ma Yun said at a press conference Monday that the deal reached after two months of negotiations was “like a wedding.”

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