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Alibaba acquires controlling stake in Lazada after $1b investment

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Acquisition   South-east Asian e-commerce platform sold

China tech giant Alibaba Group has entered into an agreement to acquire a controlling stake in South-east Asian e-commerce platform Lazada, Channel NewsAsia reports.

The transaction consists of an investment of approximately $500 million in newly issued equity capital of Lazada and acquisition of shares from certain shareholders of Lazada, for a total investment by Alibaba of approximately $1 billion.

Headquartered in Singapore, Lazada was founded by and is currently controlled by Germany’s Rocket Internet SE, Channel NewsAsia reports.

Lazada currently operates e-commerce platforms in Indonesia, Singapore, Malaysia, the Philippines, Thailand and Vietnam. The transaction is expected to help brands and distributors on Alibaba's platform to access the South-east Asian market.

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