Walmart seeks up to $3.74 billion to sell JD.com stake

(Bloomberg) — Walmart Inc . is trying to raise up to $3.74 billion by selling its stake in Chinese e-commerce firm JD.com Inc., people familiar with the matter said.

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The U.S. retailer is offering 144.5 million shares in a price range of $24.85 to $25.85, the people said, asking not to be identified because the information is private. Morgan Stanley is the broker-dealer for the offering, they added.

Representatives for Walmart, JD.com and Morgan Stanley did not immediately respond to requests for comment.

JD.com shares closed at $28.19 each on Tuesday and fell 10% in after-market trading. Walmart shares are on offer at a discount of as much as 11.8% to Tuesday’s close, according to Bloomberg calculations.

Walmart is its largest shareholder, according to data compiled by Bloomberg. The stake sale would mark the end of a partnership between the two companies that began when Walmart acquired a 5 percent stake in the Chinese company in 2016, in a deal that also involved JD.com taking over Walmart’s Yihaodian online marketplace, which focus on selling food products. for high-end female shoppers in major Chinese cities, the companies said at the time. Later that year, Walmart increased its holdings in JD.com to 10.8%.

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