Alibaba to buy Lazada for $1 billion - YugaTech | Philippines Tech News & Reviews

Alibaba to buy Lazada for $1 billion




Alibaba Group Holding LTD., in a turn of events, has agreed to buy control of  Indonesian e-commerce operator Lazada Group SA ‘for about $1 billion’ in hopes to see growth in the Southeast Asian region.

alibaba

Bloomberg reports that China’s largest e-commerce operator will pay $500 million for new shares in Lazada while also purchasing stocks from existing investors.


 

“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,” said Alibaba President Michael Evans.

Rocket Internet’s Lazada is currently selling goods in six Southeast Asian markets including Philippines and with this venture, Alibaba aims to reach different consumers other than China.

{Bloomberg}



Kevin Bruce Francisco is the Senior Editor and Video Producer for YugaTech. He's a Digital Filmmaking graduate who's always either daydreaming of traveling or actually going places on his bike. Follow him on Twitter for more tech updates @kevincofrancis.

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8 Responses

  1. RCB says:

    not another Chinese Company… inaagaw na nga WPS pati ba naman Lazada..

  2. Peejay says:

    One would think that they would have thought of buying CD-R King.

  3. Easy E says:

    Including “the” Philippines. Please don’t forget that. It’s always THE Philippines.

  4. Fox Hunter says:

    Does this mean more Meizu phones at Lazada? Alibaba owns a minority stake at Meizu.

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