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Alibaba Makes $1 Billion Investment in Singapore Startup Lazada
2016-04-14
Brief:Chinese Internet giant Alibaba Group Holding Ltd.,said Tuesday it would pay about $1 billion for a controlling stake in Singapore e-commerce startup Lazada Group.
 
Chinese Internet giant Alibaba Group Holding Ltd., in its biggest overseas acquisition to date, said Tuesday it would pay about $1 billion for a controlling stake in Singapore e-commerce startup Lazada Group, betting on growth in populous Southeast Asia.
 
The acquisition of Lazada — which sells everything from rice cookers to smartphones and operates e-commerce platforms throughout Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam — comes as Alibaba has been using its $3.7 billion in free cash flow to expand into e-commerce, logistics and media, as well as entertainment both at home and abroad.
 
The deal comes after Alibaba BABA, +2.29% in December agreed to pay 2.06 billion Hong Kong dollars (US$266 million) for Hong Kong-based newspaper South China Morning Post.
 
“Globalization is a critical strategy for the growth of Alibaba Group today and well into the future,” said Alibaba President Michael Evans.
 
Separately, an Alibaba spokesman said the company will be able to tap into “Lazada’s logistics backbone.”
 

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