Alibaba buys millions of shares of US’s Groupon
E- commerce conglomerate Alibaba Group Holding Ltd pushed further in overseas expansion by buying a large stake in a United Statesheadquartered daily deals site Groupon.
Alibaba recently bought nearly 33 million shares of the Nasdaqlisted Groupon Inc. The purchase is about 5.6 percent of Groupon shares outstanding, enough to make Alibaba the fourth-largest shareholder, according to FactSet data. Alibaba didn’t disclose the amount of its investment in Groupon.
Groupon’s stock surged about 40 percent in trading on Tuesday, which came after Alibaba disclosed its investment in a SEC regulatory filing on Feb 12.