Deals
Alibaba Spends $4.6 Billion on Suning in Ma’s Biggest Buy
Jack Ma's Big Buy: Alibaba Spends $4.6B on Suning
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Alibaba Group Holding Ltd. will spend 28.3 billion yuan ($4.6 billion) for a stake in Suning Commerce Group Ltd. as China’s biggest e-commerce operator adds a network of electronics stores in its biggest deal ever. Suning shares soared.
Alibaba will buy a 19.99 percent stake in Suning, which in turn will spend as much as 14 billion yuan for shares in the e-commerce company, according to a statement distributed on Business Wire Monday. The companies will partner in logistics and online sales to target deliveries as fast as two hours.