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Digital Life

 

China's e-commerce giant Alibaba to buy digital mapping firm AutoNavi

Published on Apr 11, 2014 11:50 PM
 

(REUTERS) - Chinese digital mapping and navigation firm AutoNavi Holdings Ltd agreed to be acquired by e-commerce firm Alibaba Group Holding Ltd IPO-ALIB.N in a deal valuing the company at about US$1.5 billion (S$1.87 billion).

AutoNavi said the company's shareholders will receive US$5.25 per ordinary share, or US$21 per American Depositary Share. The offer represents a premium of 4.7 per cent to AutoNavi's closing price on the Nasdaq on Thursday.

The deal, expected to close in the third quarter, would help Alibaba increase revenue by integrating AutoNavi's technology and data on location of establishments into maps, allowing customers to access peer review of shops and restaurants and pay for goods before arriving at a shop.

Lazard advised AutoNavi, while Deutsche Bank advised Alibaba.

 
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