Alibaba seeks Asean expansion with $1b Lazada buy

The Chinese e-commerce company is taking a majority stake in the Southeast Asian online retailer via a combination of newly issued and existing shares.

Alibaba seeks Asean expansion with $1b Lazada buy

China's Alibaba is set to cast its considerable influence over Southeast Asian's online shopping channels after sealing a deal to buy a controlling stake in Singapore-based Lazada.

Alibaba said on Tuesday that it agreed to buy $500 million of newly issued shares from the online department store founded four years ago by German group Rocket Internet plus a further $500 million from existing shareholders. 

Its acquisition of Lazada is understood...

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