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Alibaba to invest $1 billion more in Lazada to speed up Asian drive

The Chinese e-commerce firm took control of Lazada last year from Rocket in a $1-billion deal

Lulu Yilun Chen | Bloomberg 

Alibaba Group Holding will invest another $1 billion to raise its stake in online mall Lazada Group SA to 83 per cent, securing control of a fast-growing start-up at the vanguard of its Southeast Asian expansion. The Chinese e-commerce leader is buying out most other backers in a deal that values the Singapore-based start-up at $3.15 billion, Lazada Chief Executive Officer Maximilian Bittner said, with management and Temasek Holdings remaining as the only other investors. Lazada backers Rocket Internet SE and Investment AB Kinnevik said on Wednesday they were among the sellers. The ...

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First Published: Thu, June 29 2017. 02:51 IST