Alibaba Group agreed to acquire a minority stake in Focus Media Information Technology Co Ltd to tap into the digital marketing sector

Chinese e-commerce giant Alibaba Group Holding Ltd on Wednesday said it has agreed to acquire a minority stake in China’s Focus Media Information Technology Co Ltd to tap into the digital marketing sector.

Alibaba will acquire about 6.62 percent in Focus Media for 9.63 billion yuan ($1.43 billion) and possibly another 5.0 percent stake in the next 12 months, it said in a statement.

The e-commerce firm would also invest $511.1 million in an entity controlled by Focus Media’s chairman Jason Jiang, by subscribing to newly issued shares, it said.

Focus media, which was founded in 2003, has its main business in China’s interactive digital media and online advertising sectors, reports Reuters.

Upon completion of the deal, Alibaba will become Focus Media’s strategic investor, the Shenzhen-listed firm said in a separate exchange filing.

Avatar

This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
No Comments

Translate this News

Join the Facebook Group

Click here to join the Facebook group of News Hour

Popular Posts

Sacred Games exposes Rajshri Deshpande nude [video]
Banglalink and Facebook jointly launched the campaign "Learn More, be More"
SRK as Satyajit Ray! Here is the truth behind the poster
Samsung launches Victory day campaign “Haater Muthhoy Bijoy Ullash” in Bangladesh
Anurag Kashyap shoots Kubra Saith 7 times nude and made her cry for frontal nudity scene [Video]
New Viber feature lets you create your own custom stickers

Advertisement

News of the Month

Scroll Up
%d bloggers like this: