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Jun 07, 2022 04:27 PM
BUSINESS

Tencent-Backed Firm G7 Merges With Alibaba-Backed E6

Photo: Bloomberg
Photo: Bloomberg

(Bloomberg) — G7 Connect Inc., a fleet management company backed by Tencent Holdings Ltd., has agreed to merge with its smaller competitor E6, which counts a unit of Alibaba Group Holding Ltd. as an investor, bringing the two Chinese platform giants together as shareholders in the combined firm.

Both G7 and E6 will retain their own brands and independent operations while they seek synergies in areas where they overlap, according to a press release seen by Bloomberg News.

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