Alibaba buys stake in online shopping company ShopRunner

Monday 19 August 2013 10:39 CET | News

Chinese e-commerce company Alibaba has acquired a minority stake in online shopping company ShopRunner, online media outlet Reuters unveils.

According to the source, Alibaba is paying USD 75 million for the stake in ShopRunner, run by former Yahoo Chief Executive Scott Thompson. The investment will add to a long relationship between Alibaba and Yahoo.

The acquisition is part of a string of investments by Alibaba, as it prepares for its initial public offering in Hong Kong.

In recent news, Alibaba has teamed with Chinese search engine company Baidu, internet company Tencent and other Chinese internet companies to fight online fraud in the country.

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Keywords: Alibaba, online shopping, e-commerce, China
Categories: Payments & Commerce | Ecommerce
Countries: World
This article is part of category

Payments & Commerce