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Ali takes another going global step
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Alibaba Group said it has acquired a controlling stake in Indonesian e-commerce operator Lazada Group for about US$1 billion in a bid to bolster sales revenue outside of China.
The Chinese e-commerce giant's investment include around US$500 million for subscription of newly-issued shares in Lazada as well as acquisition of stakes from existing shareholders, Alibaba said in a statement Tuesday.
Founded in 2012, Lazada currently operates e-Commerce platforms in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. It has about 5.7 million active customers with a gross merchandise volume of US$433 million in the first half of 2015, according to earlier media reports.
“Globalization is a critical strategy for the growth of Alibaba Group and following the investment, Alibaba gains access to a platform with a large and growing consumer base outside China, a proven management team and a solid foundation,” president of Alibaba Michael Evans said in a statement yesterday.
Alibaba also entered into a put-call arrangement with certain Lazada shareholders, giving the Chinese company the right to purchase the remaining stakes in Lazada at fair market value within 12 to 18 months after the completion of the transaction.
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