Alibaba acquires AutoNavi for US$1.5b
Print Edition
CHINESE digital mapping and navigation company AutoNavi Holdings Ltd has agreed to be acquired by e-commerce giant Alibaba Group Holding Ltd in a deal valuing the company at about US$1.5 billion.
AutoNavi said yesterday that the company’s shareholders will receive US$5.25 per ordinary share, or US$21 per American Depositary Share.
The offer represents a premium of 4.7 percent to AutoNavi’s closing price on Nasdaq on Thursday.
The deal, expected to close in the third quarter of this year, would help Alibaba increase revenue by integrating AutoNavi’s technology and data on location of establishments into maps, allowing customers to access peer review of shops and restaurants and pay for goods before arriving at a shop.
AutoNavi was the leading mobile map service by the number of users with 31.3 percent share of the market, as of the third quarter of 2013, according to Beijing-based Analysys. Baidu Inc followed with 26.6 percent.
AutoNavi provides map software for Samsung Electronics Co’s smartphones as well as China Mobile and Google Inc.
Alibaba, which already owns 28 percent of AutoNavi, offered to buy the mapping company in February to better compete with rivals Tencent Holdings Ltd and Baidu, as China’s biggest Internet companies continue to chase growth by buying online businesses.
Lazard advised AutoNavi, while Deutsche Bank advised Alibaba.
Alibaba, valued at US$140 billion, is set to list this year in the United States in the largest initial public offering since Facebook Inc’s debut in 2012.
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