Hutchison Whampoa Limited (HWL) has sold a 24.95% stake in its retail division, AS Watson, to Singapore’s state investment agency Temasek for HK$44bn (US$5.67bn).

The deal values AS Watson at HK$177bn. The division’s interests span the beauty and personal care, food and wine retail sectors. The business operates a number of banners, including ParknShop supermarkets and Watsons beauty stores.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

“The transaction will allow HWL to partially unlock the value of AS Watson as well as set an important valuation benchmark for HWL’s remaining interests,” the company said.

HWL added the investors have agreed to work together towards listing AS Watson “at a suitable time”.

“Together with our strategic partner Temasek, HWL will further maximise the value and future growth potential of AS Watson,” the company said.

HWL had been considering options for its retail business after backing out of a potential sale of its ParknShop supermarket chain last year. At the time, the company said it planned to exploit growth opportunities in mainland China.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now