for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Alibaba to buy Kaola unit from NetEase for $2 billion - Caixin

(Reuters) - Alibaba Group Holding Ltd BABA.N has agreed to pay $2 billion (1.6 billion pounds) in cash to buy Chinese e-commerce firm Kaola, local news outlet Caixin reported on Friday.

Kaola, owned by Nasdaq-listed NetEase Inc NTES.O, sells apparel, household appliances and other products, and is the biggest among Chinese shopping sites selling imported goods, according to a report from consulting agency iiMedia.

Both Alibaba and NetEase did not immediately respond to requests for comment.

The news comes a day after Alibaba reported better-than-expected quarterly revenue and profit, aided by growth in its e-commerce and cloud computing businesses.

Amazon.com Inc's AMZN.O Chinese joint venture was also in talks about a merger with Kaola, business magazine Caijing had reported in February.

(reut.rs/2ZasY6U)

Reporting by Akanksha Rana in Bengaluru; Editing by Shinjini Ganguli

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up