CHINA KNOWLEDGE

China Knowledge is in the business of providing business solutions and products on China. Within the Group it has financial terminal, publishing, newswires, research, multimedia production and a wide range of consulting services offer to foreign businesses seeking opportunities in China.
Fintech
Alibaba and Ant Financial acquire food delivery Ele.me for USD 9.5 bln
CKN
2018/04/02 02:06:27
2,340
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.

Copyright © 2018 www.chinaknowledge.com

Send feedback or comments to: news@chinaknowledge.com

For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: www.chinaknowledge.com

To access our page on Bloomberg, type CKFI