Alibaba extends spree with UCWeb buyout

Nobody buys like Jack Ma does: From a football club and now to a mobile internet browser, Alibaba remains decidedly deal-hungry ahead of its long-awaited US listing.

Alibaba, the e-commerce giant led by former English teacher Jack Ma, continued its acquisition spree on Wednesday by snapping up the rest of mobile internet browser UCWeb for an undisclosed price.

An Alibaba spokeswoman declined to comment on the size of the deal after various reports indicated that its valuation of UCWeb had surpassed the $1.9 billion that Baidu paid for 91 Wireless last year.

Alibaba already held a 66% stake in UCWeb through convertible preferred shares and is set to pay for the remainder of UCWeb with a mix of cash and Alibaba stock. Alibaba is planning later this year to raise as much as $15 billion...

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