Alibaba Group has acquired 870,000 newly-issued shares at KRW40, 808 apiece of S.M. Entertainment, in a consideration valued at KRW35.5 billion ($29.8 million) for a 4 per cent stake. This acquisition follows the buyout of Chinese online video firm Youku Tudou in a $4.8 billion deal by Alibaba in November 2015.
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