Chinese ecommerce group Alibaba has announced a $1bn deal to take a controlling stake in its Southeast Asian counterpart Lazada, as it looks to expand beyond China’s increasingly saturated market.
As well as taking roughly $500m in new shares, the Chinese group is replacing big-name European investors such as Rocket Internet, the Berlin-based start-up incubator, and Tesco, the UK supermarket chain, which are selling down significant stakes in Lazada.
The deal, announced yesterday, sees Alibaba join a number of large Chinese companies, including Anbang Insurance and Dalian Wanda, which are hunting for foreign acquisitions.
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