Alibaba Group Holding Ltd., China’s largest e-commerce company by market share, said on Thursday it will pay $2 billion to acquire cross-border e-commerce platform Kaola from NetEase Inc.
The announcement, which comes after Caixin reported a potential deal last month, marks the latest consolidation in China’s ultra-competitive online shopping market. NetEase Kaola, the biggest import e-commerce platform in China, is an archrival of Alibaba’s Tmall Global.
Alibaba also agreed to join private equity fund Yunfeng to invest $700 million in NetEase’s music streaming platform, NetEase Cloud Music.
Read the full story on Caixin Global later today.
Contact reporter Tang Ziyi (email@example.com)