- Alibaba (NYSE:BABA) will acquire a 6.62% stake in China’s Focus Media Information Technology for about $93.8M and potentially another 5% in the next 12 months.
- The investment allows Alibaba to tap into Focus’ digital marketing network as part of its New Retail strategy.
- Alibaba will also invest $511.1M in an entity controlled by Focus chairman Jason Jiang by subscribing to newly issued shares.
- Alibaba shares are down 1.1% to $190.52.
Alibaba acquires minority stake in Chinese digital marketing giant
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