Deals
Alibaba Spends $3.3 Billion to Raise Stake in Delivery Arm
- The e-commerce giant is lifting stake in Cainiao to 63%
- The logistics arm plays a pivotal role in its business
Photographer: VCG/Getty Images
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Alibaba Group Holding Ltd. will spend $3.3 billion to raise its stake in Cainiao, in an effort to exert more control over the logistics subsidiary that underpins its sprawling e-commerce empire.
The Hangzhou-based company will lift its stake in Cainiao to 63% from 51% by subscribing for newly issued shares in its latest financing round and buying existing stock from another holder, the company said on Friday.