Retail in Asia

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Alibaba acquires NetEase’s Kaola

NetEase’s Kaola

Alibaba Group Holding Ltd has agreed to pay $2 billion in cash to buy Chinese e-commerce firm Kaola, local news outlet Caixin reported.

SEE ALSO : Alibaba’s president faces criminal charges

Kaola, owned by Nasdaq-listed NetEase Inc, sells apparel, household appliances, and other products, and is the biggest among Chinese shopping sites selling imported goods, according to a report from consulting agency iiMedia.

Both Alibaba and NetEase did not immediately respond to requests for comment.

The news comes a day after Alibaba reported better-than-expected quarterly revenue and profit, aided by growth in its e-commerce and cloud computing businesses.

SEE ALSO : Alipay Foundation and Alibaba AI Labs launch “A-Idol Initiative” Inc’s Chinese joint venture was also in talks about a merger with Kaola, business magazine Caijing had reported.

(Source: Reuters)