Alibaba Group Holding Limited has acquired a controlling stake in Singapore-based online retailer Lazada Group SA, for $1 billion, its largest overseas investment.
China’s largest online emporium will pay $500 million for new shares in the closely held company and purchase an equal amount from existing investors, Alibaba said in a statement. Investors selling include Germany’s Rocket Internet SE, British supermarket chain Tesco Plc and Investment AB Kinnevik.
