Alibaba to acquire controlling stake in Singapore-based Lazada for US$1b

ALIBABA Group said on Tuesday it is acquiring a controlling stake in Singapore-based e-commerce site Lazada for approximately US$1 billion.

This will allow the global merchants that already do business on Alibaba's platform to access the South-east Asian consumer market; Lazada operates e-commerce platforms in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

The transaction comprises an investment of approximately US$500 million in newly issued equity capital of Lazada, and acquisition of shares from certain shareholders of Lazada, for a total investment of about US$1 billion.

Credit Suisse (Hong Kong) Limited is acting as the exclusive financial adviser to Alibaba, and Goldman Sachs (Asia) LLC as exclusive financial adviser to Lazada.