Saturday, 14 December 2019

Alibaba to buy Kaola unit from NetEase for $2bn

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

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.

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.

Amazon.com Inc’s Chinese joint venture was also in talks about a merger with Kaola, business magazine Caijing had reported in February.

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