Get the app today! Download iPhone App Download Android App

Alibaba To Buy Kaola Unit From NetEase For $2bn: Caixin

Published on Aug 16 2019 2:20 PM in Technology tagged: Trending Posts / China / NetEase Kaola / Alibaba Group Holding

Alibaba To Buy Kaola Unit From NetEase For $2bn: Caixin

Alibaba Group Holding Ltd has agreed to pay $2 billion (€1.8 billion) in cash to buy Chinese e-commerce firm Kaola, local news outlet Caixin reported on Friday.

Kaola, owned by Nasdaq-listed NetEase Inc, sells apparel, household appliances and other products, and is the biggest among Chinese shopping sites selling imported goods, according to a report from consulting agency iiMedia.

Both Alibaba and NetEase did not immediately respond to requests for comment.

The news comes a day after Alibaba reported better-than-expected quarterly revenue and profit, aided by growth in its e-commerce and cloud computing businesses. Inc's Chinese joint venture was also in talks about a merger with Kaola, business magazine Caijing had reported in February.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

Share on Facebook Share on Twitter Share on LinkedIn Share via Email