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E-Commerce Firm Kaola to be Acquired by Alibaba for 2 bn USD
August 19, 2019
According to a Chinese news outlet, local e-commerce firm Kaola is to be acquired by Alibaba Group Holding Ltd for 2 billion USD. The firm which is owned by NetEase Inc sells household appliances, apparels, etc. and is also one of the biggest Chinese online stores that sell imported products.
Earlier in February, business magazine Caijing reported that Amazon’s merger with Kaola was also in talks.
Neither Alibaba nor NetEase have responded to requests for comment on the reported deal.
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