Alibaba expands in Southeast Asian market via Lazada deal
ALIBABA Group Holding Ltd. expanded its e-commerce footprint to fast-growing Southeast Asia with a $1-billion deal for control of Lazada Group SA, as it seeks more sales from beyond China.
The company will pay $500 million for new shares in the closely held company and also purchase stock from existing investors, Alibaba said in a statement on Tuesday.
Investors in Lazada to sell stakes include Rocket Internet SE, Tesco Plc. and Investment AB Kinnevik.
Read full Article here »