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Alibaba to buy out mobile browser firm UCWeb

CCTV.com

06-12-2014 00:39 BJT

Alibaba Group says it will buy out the remaining shares of mobile browser firm UCWeb in what’s being billed as the largest merger in Chinese Internet history. 

Alibaba Group says it will buy out the remaining shares of mobile browser firm UCWeb in what’s being billed as the largest merger in Chinese Internet history.

Alibaba Group says it will buy out the remaining shares of mobile browser firm UCWeb in what’s being billed as the largest merger in Chinese Internet history.

Alibaba is stepping up spending ahead of its pending U.S. listing and the e-commerce giant’s latest deal follows a string of investments in the past six months that have totaled 4.8 billion US dollars. Wednesday’s announced purchase will be even larger than Baidu’s 1.9 billion US dollar acquisition of 91 Wireless last year. 

Alibaba already holds a 66-percent stake in UCWeb and Wednesday’s purchase emphasizes its push to do more mobile business in the world’s biggest smartphone market. 

Its facing a daunting challenge in rival Tencent Holdings, China’s biggest listed Internet firm, which dominates smartphone screens with its near-ubiquitous mobile messaging app WeChat. 

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