Alibaba acquires Kaola from NetEase for approximately $2 billionChristian Fernsby ▼ | September 6, 2019
NetEase and Alibaba Group Holding Limited announced Alibaba's acquisition of NetEase's import e-commerce platform Kaola for approximately US$2 billion.
Acquisition Alibaba Group
Topics: Alibaba Kaola NetEase
Alibaba plans for Kaola to continue to operate independently under its current brand.
Tmall Import and Export General Manager Alvin Liu will serve as Kaola's new CEO.
In addition, Alibaba and NetEase have entered into a definitive agreement for Alibaba, together with Yunfeng, to invest approximately US$700 million in NetEase Cloud Music in its latest round of financing.
The completion of this transaction is subject to certain closing conditions.
NetEase will remain the controlling shareholder of NetEase Cloud Music following the closing of this transaction. ■