Alibaba Acquires Controlling Stake In Lazada For $1 Billion

China’s Internet company Alibaba Group Holding Ltd. said it will invest $1 billion to acquire a controlling stake in Singapore-based e-commerce startup Lazada Group. Marking the Chinese firm’s largest overseas acquisition ever, the acquisition of Lazada follows Alibaba’s purchase in December 2015 of Hong Kong-based South China Morning Post newspaper for $266 million. Alibaba said it was spending $500 million to buy newly issued Lazada shares and $500 more on shares owned by existing shareholders, including Rocket Internet, Tesco PLC, and AB Kinnevik.