Alibaba Spends US$1b To Buy Controlling Stake In Lazada
China tech giant Alibaba Group has agreed to acquire a controlling stake in South-east Asian e-commerce platform Lazada, it was announced on Tuesday (Apr 12).
The agreement terms consists of an investment of approximately US$500 million in newly issued equity capital of Lazada and acquisition of shares from certain shareholders of Lazada, for a total investment by Alibaba of approximately US$1 billion.
Headquartered in Singapore, Lazada was founded by and is currently controlled by Germany’s Rocket Internet SE.
Lazada currently operates e-commerce platforms in Indonesia, Singapore, Malaysia, the Philippines, Thailand and Vietnam. The transaction is expected to help brands and distributors on Alibaba’s platform to access the South-east Asian market.
[Source from Channel News Asia]