Alibaba buys stake in online shopping firm ShopRunner: Report
NEW YORK (REUTERS) - Chinese e-commerce company Alibaba Group, which is preparing for an initial public offering (IPO) in Hong Kong, has bought a minority stake in online shopping company ShopRunner, the Financial Times (FT) reported on Friday.
The acquisition is part of a string of investments by Alibaba, the world's largest e-commerce group, as it prepares for its IPO, the FT said, citing people familiar with the transaction.
Alibaba is paying US$75 million (S$95 million) for the stake in ShopRunner, run by former Yahoo chief executive Scott Thompson, the FT reported. The investment will add to a long relationship between Alibaba and Yahoo, the FT said. Yahoo owns almost a quarter of Alibaba, the newspaper said.
Spokesmen for Alibaba and ShopRunner could not be reached for comment.