Alibaba unit Lazada buys e-grocer RedMart

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