Alibaba buying Kaola for $2B - report

|About: Alibaba Group Holding Limited (BABA)|By:, SA News Editor

Alibaba (NYSE:BABA) will acquire NetEase's (NASDAQ:NTES) cross-border e-commerce arm for $2B in cash, according to Bloomberg citing Caixin sources.

Kaola is one of the largest Chinese shopping sites focusing on imported goods and competes in the space with BABA's Tmall Global and JD Worldwide (NASDAQ:JD).

Earlier this year, Kaola was in merger talks with Amazon's China unit.

Last year, Kaola imported more than 5,000 brands from 80 countries.

BABA shares are up 2.3% pre-market.

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