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Last Updated : Aug 16, 2019 07:25 PM IST | Source: Reuters

Alibaba to buy Kaola unit from NetEase for $2 billion: Report

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


Alibaba Group Holding Ltd has agreed to pay $2 billion in cash to buy Chinese e-commerce firm Kaola, local news outlet Caixin reported on August 16.

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.

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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.

Amazon.com Inc's Chinese joint venture was also in talks about a merger with Kaola, business magazine Caijing had reported in February.

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First Published on Aug 16, 2019 07:25 pm
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