Alibaba to buy Lazada for $1 bn
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Alibaba Group Holding Ltd agreed to buy control of e-commerce operator Lazada Group SA for about US$1 billion to tap growth in Southeast Asia, according to Bloomberg.
The agency reported from Hong Kong that China's largest e-commerce operator will pay $500 million for new shares in Lazada and also purchase stock from existing investors, Alibaba said in a statement Tuesday. Lazada is currently controlled by Germany's Rocket Internet SE.
“With the investment in Lazada, Alibaba gains access to a platform with a large and growing consumer base outside China, a proven management team and a solid foundation,” Alibaba President Michael Evans said in the statement.
