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NetEase

Alibaba Acquires Import E-Commerce Platform Kaola from NetEase for Approximately US$2 Billion

Alibaba Also Agrees to Take a Minority Stake in Netease Cloud Music NetEase, Inc. and Alibaba Group Holding Limited announced Alibaba's acquisition of NetEase's import e-commerce platform Kaola for approximately US$2 billion. The transaction paves the way for the two internet companies with deep roots in Hangzhou to further identify and explore business collaborations. Alibaba plans for Kaola to continue to operate independently under its current brand. Tmall Import and Export General Manager Alvin Liu will serve as…