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Fintech

Alibaba and Ant Financial acquire food delivery Ele.me for USD 9.5 bln

CKN
minutes 2018/04/02 02:06:27
2,544
Alibaba,Ant Financial,Ele.me,Tencent

May 31, 2018 (China Knowledge) - Ailbaba Group and Ant Financial offer USD 9.5 billion to acquire online food delivery platform Ele.me. Less initiate 43% that Ant Financial and Alibaba already owned both will buy all the remaining shares of Ele.me.

The acquisition will compete directly with Tencent-backed Meituan Dianping, which is expected to be listed this year, worth USD 60 billion. Ele.me will benefit from Alibaba's resources and expertise in ecommerce and could develop new competitive strength to challenge Meituan Dianping.

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