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Aug 19, 2019
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Alibaba to buy Kaola unit from NetEase for $2 billion

By
Reuters API
Published
Aug 19, 2019

Alibaba Group Holding Ltd  has agreed to pay $2 billion (1.6 billion pounds) in cash to buy Chinese e-commerce firm Kaola, local news outlet Caixin reported on Friday.


Reuters


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, according to a report from consulting agency iiMedia.

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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