Big deal: The Lazada transaction is Alibaba's biggest overseas investment to date
China's Alibaba Group Holding Ltd said on Tuesday it has agreed to buy a controlling stake in online retailer Lazada for about US$1bil (RM3.88bil) to expand its e-commerce business into Southeast Asia.
Lazada Group, founded by Germany's Rocket Internet in 2012, is headquartered in Singapore and also operates in Malaysia, Indonesia, the Philippines, Thailand and Vietnam – providing an opportunity for Alibaba to tap what it sees as Southeast Asia's tremendous growth potential.
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