Alibaba to Invest $1 Billion in E-Commerce Startup Lazada
12 April 2016 - 9:50AM
Dow Jones News
Chinese Internet giant Alibaba Group Holding Ltd. said Tuesday
it would acquire a controlling stake in Lazada Group by buying new
shares and stakes held by other shareholders, pouring about $1
billion into the Southeast Asia-focused e-commerce startup.
Alibaba said it is acquiring newly issued Lazada shares for $500
million and spending an additional $500 million to buy out stakes
held by existing Lazada shareholders, including Berlin-based tech
incubator Rocket Internet AG and British supermarket operator
Tesco.
Rocket Internet and Tesco confirmed the sale in separate
statements Tuesday.
As growth slows at home, Alibaba has been expanding its
investments overseas in recent years. Hangzhou, China-based
Alibaba, which operates online and mobile marketplaces, was among a
group of investors who last year pumped some $500 million into
Indian e-commerce firm Snapdeal.com.
Lazada aims to tap users in populous Southeast Asia, home to
roughly 600 million people. It operates in Indonesia, Malaysia, the
Philippines, Singapore, Thailand and Vietnam.
Write to Newley Purnell at newley.purnell @wsj.com
(END) Dow Jones Newswires
April 12, 2016 03:35 ET (07:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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