Alibaba acquires Kaola for USD 2 bln

Friday 6 September 2019 09:25 CET | News

Alibaba has announced it will acquire Kaola, the cross-border ecommerce business unit of the Chinese internet company NetEase, for around USD 2 billion.

According to CNBC, Kaola is one of the biggest Chinese ecommerce sites that sells goods in the country. Alibaba plans for Kaola to continue operating independently under its current brand, but it will have a new CEO.

China is one of the largest ecommerce markets in the world, with research firm eMarketer predicting in a June 2019 report that in 2019 the country will have USD 1.935 trillion in ecommerce sales, three times more than the US.

Moreover, Alibaba, together with Yunfeng, will also invest around USD 700 million in NetEase’s music streaming service, NetEase Cloud Music.

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Keywords: Alibaba, ecommerce, China, NetSuite, Kaola
Countries: World