Deals
SoftBank Is Said to Lead $3 Billion-Plus Round in Alibaba Ele.me
- Masayoshi Son’s fund is said to be heading up investor talks
- The round marks a much-needed boost in a costly subsidies war
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SoftBank Group Corp.’s monster Vision Fund plans to lead an investment of $3 billion to $5 billion into Ele.me, the food delivery giant owned by Alibaba Group Holding Ltd., people familiar with the matter said.
The near-$100 billion fund led by Masayoshi Son is heading up discussions with potential investors including venture capital firms, said the people, who asked not to be identified discussing a private deal. As part of the agreement, Alibaba intends to merge Ele.me with in-house arm Koubei, which focuses on connecting restaurants to the internet, the people added. Negotiations are ongoing and the terms could still change, they said.