PARIS — E-commerce platform JD.com and investment firm JIC are taking a minority stake in Lagardère Travel Retail Asia.
Lagardère said Thursday that it has signed an agreement whereby together they’d hold 22.36 percent. JD.com would own 18.63 percent of the Asia concern’s share capital and JIC, 3.73 percent.
The deal, which involves a cash contribution of 720 million renminbi, or about 94 million euros, should close in September. Lagardère said the acquisition is to have a favorable net effect of about 79 million euros on the group’s net debt.
In the first half ended June 30, Lagardère’s net debt was stable at 1.72 billion euros, versus 1.73 billion euros at Dec. 31, 2020.
“This minority stake is part of a strategic partnership that will accelerate Lagardère Travel Retail’s development in Asia, particularly through digital distribution channels,” the company said in a statement Thursday. “Lagardère Travel Retail Asia will draw on the digital expertise of…