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Apr 13, 2016 @ 7:48

Alibaba expands in Southeast Asian market via Lazada deal

 

ALIBABA Group Holding Ltd. expanded its e-commerce footprint to fast-growing Southeast Asia with a $1-billion deal for control of Lazada Group SA, as it seeks more sales from beyond China.

The company will pay $500 million for new shares in the closely held company and also purchase stock from existing investors, Alibaba said in a statement on Tuesday.

Investors in Lazada to sell stakes include Rocket Internet SE, Tesco Plc. and Investment AB Kinnevik.

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