Alibaba Moves Closer to Buyout of Ele.me
The takeover of Ele.me is a key part of Alibaba’s “New Retail” strategy. Photo: VCG
* The buyout of Ele.me is an important part of Alibaba’s “New Retail” strategy
* Baidu’s exit leaves rivals Alibaba and Tencent as the dominant forces in China’s food-delivery market
E-commerce giant Alibaba Group Holdings moved closer to gaining full control of Ele.me after acquiring Baidu Inc.’s stake in China’s most-popular food-delivery startup.
Online search engine Baidu said Thursday it sold its 5% stake in Ele.me to Alibaba for $488 million. The exit of Baidu leaves its rivals Alibaba and Tencent Holdings as the dominant forces in China’s white-hot food-delivery market
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