BENTONVILLE, Arkansas ( TheStreet) -- Wal-Mart Stores ( WMT) said Friday it reached a deal to acquire a minority stake in the holding company of Yihaodian, a Chinese e-commerce company.

According to Wal-Mart, Yihaodian has achieved a "significant position in online grocery sales, as well as in categories such as baby/Mom, consumer electronics and apparel." Yihaodian has 2,000 employees and a logistics network based in Shanghai, Beijing, and Guangzhou,

"Online sales in China are growing rapidly and are projected to match U.S. online sales in the next few years," said Wal-Mart Vice Chairman Eduardo Castro-Wright, who also is CEO of Walmart Global eCommerce and Global Sourcing. "By investing in Yihaodian, we're continuing to establish a presence in this important e-commerce market, and are moving forward on fulfilling our aspiration of being the leading global multichannel retailer."

Wal-Mart said the transaction is expected to close within 60 days.

-- Written by Joseph Woelfel

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