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Alibaba will buy remaining stake in UC Web
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ALIBABA Group said it will buy the remaining stake in UC Web Browser it doesn't already own in a bid to strengthen its presence in the mobile Internet sector.
It will use a combination of Alibaba stock and cash to complete the deal, the company said today.
It may mark the largest acquisition in China's Internet sector after Baidu took over 91 Wireless for US$1.9 billion last year.
Alibaba bought stakes in UC Web in 2011 and 2013. The two deals had given Alibaba a 66 percent stake in UC Web.
Alibaba has made a number of investments in the past few months.
In April, the e-commerce company agreed to buy a 16.5 percent stake in online video streaming and sharing website Youku Tudou Inc. The goal was to bring more synergies with its online shopping business.
UC Web said is has about 500 million users around the world.
UC Web chief executive officer Yu Yongfu will become chairman of Alibaba's mobile business group and will also sit on Alibaba's strategic decision-making committee.
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