Alibaba buys controlling stake in Lazada at $1bn
Chinese e-commerce giant Alibaba has agreed to buy a controlling stake in Southeast Asian online retailer Lazada for $1 billion. Alibaba will buy $500 million of newly issued Lazada shares and the rest will be bought from current shareholders. This is Alibaba’s biggest overseas deal. Notably, the Singapore-headquartered company was founded by Germany's Rocket Internet in 2012.