By Giulia Petroni

Lagardere SA said Thursday that it has agreed to sell a 22.36% stake in Lagardere Travel Retail Asia to e-commerce company JD.com Inc. and public-investment firm China Jianyin Investment.

The French media group said the move aims to accelerate Lagardere Travel Retail's development in Asia, particularly through digital distribution channels.

Lagardere Travel Retail Asia covers the unit's North Asia business, including mainland China, Hong Kong and Japan. JD.com is set to hold a 18.63% stake in the business, while China Jianyin Investment will have a 3.73% stake.

The transaction, which is scheduled to be completed in September, involves cash contributions of approximately 94 million euros ($111.1 million) and should have a net effect of around EUR79 million on Lagardere's net debt.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

September 02, 2021 02:05 ET (06:05 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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