Asia Express - East Asian ICT
Alibaba to Acquire UCWeb for Stronger Mobile Presence
June 11, 2014
China's e-commerce firm Alibaba announced that it is going to buy the remaining one-third stake it didn't already hold in UCWeb, a Chinese mobile browser company, reported Reuters on June 11. The deal, though without exact financial terms released, will be the biggest merger in China's Internet history, said Alibaba. After the transaction, the UCWeb Mobile Business Group will be established to take responsibility for internet browsers, search services, LBS (Location-based Services), mobile gaming platform, mobile application distribution, and mobile literature services. The purchase will mostly be done by using Alibaba's stock and a smaller amount of cash.