Deals
Google to Invest $550 Million in China E-Commerce Site JD
- U.S. search giant is pushing deeper into online retail
- Deal seen part of long-term advertising defense against Amazon
This article is for subscribers only.
Google is investing $550 million in cash in China’s JD.com Inc. as the U.S. search giant pushes deeper into online commerce.
Alphabet Inc.’s Google will buy newly issued Class A shares at $20.29 per share, equivalent to $40.58 per ADS, the companies said in a joint statement Monday. The pair plan to explore joint development of retail solutions in regions, including Southeast Asia, the U.S. and Europe. The deal comes just a week after Google struck an alliance with Carrefour SA to sell groceries online in France through the U.S. company’s platforms including Home and Assistant.