Alibaba to buy remaining shares in food delivery app Ele.me [Reuters]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Reuters
Alibaba to buy remaining shares in food delivery app Ele.me | Reuters Reuters Staff 2 Min Read (Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd ( BABA.N ) said on Monday it would buy the remaining shares of Ele.me, a major platform in China’s food delivery market, as it competes with Tencent Holdings Ltd ( 0700.HK ) services for offline consumers. Alibaba and affiliate Ant Small & Micro Financial Services Group Co Ltd currently own approximately 43 percent of Ele.me, and the latest deal will value the startup a $9.5 billion, said Alibaba in a statement. Ele.me, which roughly translates as “Hungry?”, is part of a fast-growing and competitive e-commerce market in China driven by consumers eager to use smartphones to make purchases from groceries to cinema tickets. In August Ele.me bought major rival Baidu deliveries from Baidu Inc ( BIDU.O ). For Alibaba, the latest acquisition enlarges the e-commerce firm’s food delivery empire, which also includes delivery platform
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