April 2, 2018 / 3:18 AM / 8 months ago

BRIEF-Alibaba To Acquire Full Ownership Of China Online Delivery Platform Ele.Me

April 1 (Reuters) - Alibaba Group Holding Ltd:

* ALIBABA TO ACQUIRE FULL OWNERSHIP OF CHINA ONLINE DELIVERY PLATFORM ELE.ME

* TRANSACTION IMPLIES ENTERPRISE VALUE OF ELE.ME AT US$9.5 BILLION

* CO AND AFFILIATE ANT SMALL AND MICRO FINANCIAL CURRENTLY OWN ABOUT 43% OF OUTSTANDING VOTING SHARES OF ELE.ME​

* ‍ELE.ME WILL CONTINUE TO OPERATE IN ITS OWN BRAND AND WORK CLOSELY WITH ITS EXISTING PARTNERS AND MERCHANTS​

* UPON COMPLETION, ZHANG XUHAO TO BECOME CHAIRMAN OF ELE.ME AND SPECIAL ADVISOR TO ALIBABA’S CEO ON NEW RETAIL STRATEGY

* ‍WILL LEND ITS FULL SUPPORT TO ELE.ME INCLUDING ACCESS TO ITS NEW RETAIL INFRASTRUCTURE, PRODUCT OFFERINGS AND TECHNOLOGY EXPERTISE​

* WANG LEI, VICE PRESIDENT OF ALIBABA GROUP, WILL BECOME CHIEF EXECUTIVE OF ELE.ME Source text for Eikon: Further company coverage:

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