DLA Piper and Morrison & Foerster have advised on U.S. retailer Wal-Mart stores’ purchase of the 49 percent stake it did not already own in Chinese e-commerce firm Yihaodian.

The sale gives Wal-Mart, the world’s largest retailer, full ownership of Yihaodian. In 2012, the U.S. company took control of Yihaodian by bumping up its stake to 51 percent.

Wal-Mart said the purchase of the stake would help accelerate its e-commerce business in China and boost coordination between its physical and online stores. It did not disclose the price paid for the stake, which was bought from former executives and financial services group Ping An.

A DLA Piper team led by Shanghai partners Kit Kwok and Roy Chan advised Ping An, while Morrison & Foerster represented Wal-Mart.

Wal-Mart's move comes after China said last month it will allow full foreign ownership of some e-commerce businesses, with the goal of encouraging foreign investment and the development and competitiveness of the sector.