June 11, 2014 / 2:05 AM / in 4 years

UCWeb says Alibaba to buy remainder of Chinese mobile browser firm

BEIJING, June 11 (Reuters) - China’s Alibaba Group Holding Ltd will acquire the shares of mobile browser firm UCWeb it does not currently hold, a UCWeb spokesman said on Wednesday, as the e-commerce company keeps racking up investments before its U.S. listing.

Alibaba and UCWeb will form the UCWeb Mobile Business Group, Alibaba said on its microblog.

UCWeb Chief Executive Yu Yongfu will act as chairman of the business group and become part of Alibaba’s “strategic decision-making committee”, Alibaba said. (Reporting by Paul Carsten; Editing by Stephen Coates)

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