Alibaba invests $294m in Chinese digital mapping firm
Alibaba Group has agreed to pay $294 million for a 28% stake in AutoNavi Holdings, a Chinese digital mapping company listed in the US. The deal is further evidence of cash-rich Chinese internet companies’ increasing acquisitiveness as they seek to diversify business lines.
Alibaba - the country's largest e-commerce player with interests spanning B2B, B2C, C2C transactions and online payment, which is minority-owned by several PE investors - will become the largest shareholder...
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