Business News / Markets

Alibaba Group Sells Healthcare Assets to Hong Kong Unit for $1.4 Bln

Alibaba Group Holding (BABA) said pre-market Tuesday it has decided to sell certain Tmall Pharmacy healthcare businesses to Hong Kong-listed Alibaba Health Information Technology Ltd. for HKD10.6 billion ($1.4 billion).

The businesses transferring to Alibaba Health include medical devices and healthcare products, adult products and medical and healthcare services.

The e-commerce giant also said it would raise its equity ownership in Alibaba Health to 56.2% from 48.1% and its voting interest to 67.5% from 61.5% after the transaction.

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