Taipei, July 17 (CNA) The Fair Trade Commission (FTC) has approved a strategic alliance between Taiwan-based food conglomerate Uni-President Group and Hong Kong-based Yahoo Taiwan Holdings Ltd., which will see Uni-President Group acquire an 80% stake in Yahoo's e-commerce business in Taiwan, the food conglomerate said in a statement on Wednesday.
While Uni-President will acquire a majority stake, Yahoo will hold the remaining 20 percent of the $100 million e-commerce joint venture and will continue to use the Yahoo Taiwan e-commerce brand, according to the statement.
The deal was approved by the FTC after Unigroup said in a statement in February that its subsidiary, Cayman President Holdings, had spent $25 million to acquire Yahoo Taiwan's bonds.
Uni-President Group Chairman Lo Chih-hsian recently said the food conglomerate generated sales of NT$580 billion (US$17.83 billion) last year, most of which came from brick-and-mortar stores, with online sales accounting for just 0.5 percent.
This shows there is plenty of room for growth in the e-commerce sector, said Lo, adding that the company decided to partner with Yahoo to gain a deeper understanding of e-commerce operations.
Pete Wong, general manager of Yahoo Asia, said the joint venture aims to leverage Yahoo's big data and digital business experience and expand its market by building on Uni-Pack's success in providing a comprehensive consumer experience through lifestyle essentials.
