Alibaba unit Lazada buys e-gro­cer RedMart

The Sun (Malaysia) - - SUNBIZ -

SIN­GA­PORE: Lazada Group, a South­east Asian ecom­merce com­pany backed by Alibaba Group Hold­ing Ltd, agreed to buy Sin­ga­pore-based on­line gro­cer RedMart, the two com­pa­nies said in a state­ment yes­ter­day.

The state­ment did not dis­close the value of the deal, which is ex­pected to be com­pleted in the cur­rent quar­ter.

Led by its cur­rent man­age­ment, RedMart will con­tinue to op­er­ate in­de­pen­dently af­ter the trans­ac­tion, they said.

Goldman Sachs (Asia) LLC was the fi­nan­cial ad­viser to Lazada Group and Credit Suisse (Sin­ga­pore) Ltd ad­vised RedMart. – Reuters

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