Alibaba buys control of Lazada for $1 billion

Southeast Asia’s number one shopping and selling platform, The Lazada Group, is about to get a lot bigger. Yesterday, the Chinese e-commerce giant Alibaba announced it’s paying $1 billion for a controlling stake in the Singapore-based e-commerce startup. With a capital of $3.7 billion to invest in e-commerce, logistics, media and entertainment sectors, the deal is part of Alibaba’s aggressive plan to expand internationally. According to sources, Alibaba is investing $500 million in newly issued Lazada shares and another $500 million to buy out existing shareholders, including Rocket Internet, Tesco PLC and Investment AB Kinnevik. The acquisition values Lazada at $1.5 billion.

You can read about the deal here.

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