Tencent and JD.com will pay USD 140 million and USD 117 million, respectively, for the minority stake which aims to extend their retail presence in China.
The deal will see Tencent and JD.com partner with Better Life to create online and offline retail models and a digital ecosystem. Better Life retail chain operates 592 stores in China and earned USD 5.8 billion in 2016, according to Reuters.
Tencent and JD.com have made several strategic investments in the China region, such as pumping USD 863 million into online retailer Vipshop. Tencent is also gearing up for an US expansion, a race against that it undertakes against its biggest competitor, Alibaba.
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