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Alibaba offers to buy AutoNavi
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Alibaba Group Holding Ltd, China’s largest e-commerce firm, offered to acquire AutoNavi Holdings Ltd in a deal valuing the Chinese digital mapping and navigation firm at US$1.45 billion.
Alibaba has been trying to expand its product line-up to better compete with Chinese rivals Tencent Holdings Ltd and Baidu Inc, particularly on mobile devices.
AutoNavi said yesterday that Alibaba had offered to buy the 72 percent of the company it did not already own for US$21 per American depository share.
The offer marks a 27 percent premium to AutoNavi’s Friday close of US$16.54 on Nasdaq.
Alibaba, which is likely to list in the US this year, bought a stake in Sina Corp’s microblogging service Weibo, the Chinese equivalent of Twitter, at the end of April. Alibaba announced a 28 percent stake in AutoNavi in May.
AutoNavi said it would form a committee including financial and legal advisers to consider the offer, which Alibaba plans to fund with cash on hand.
Alibaba, in which Yahoo! Inc owns 24 percent, runs Taobao Marketplace, China’s largest consumer-focused e-commerce website; business-to-business commerce platform Alibaba.com; and Alipay, an online payment platform.
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