Alibaba has said it will acquire the outstanding shares in Ele.me, China’s largest online food delivery start-up, giving the start-up an implied enterprise value of $9.5bn.
Alibaba said in a statement that the acquisition “will deepen Ele.me’s integration into Alibaba’s ecosystem and advance Alibaba’s New Retail strategy to provide a seamless online and offline consumer experience in the local services sector.”
Alibaba and its affiliate Ant Financial currently own 43 per cent of the outstanding voting shares in the start-up, Alibaba said in the statement.
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