Jack Ma Strengthens His Alibaba Empire With Ele.me Acquisition

Less than two weeks we reported that Alibaba has finalised its takeover of SCMP, there is another acquisition by Jack Ma. It is called Ele.me.

Alibaba [NYSE: BABA] has completed its negotiations to buy Ele.me, a top performing food delivery company in China for USD 1.2 billion. The company will operate as an independent company.

Ele.me
Source: ele.me

To safeguard its interest in the business, Joe Tsai, Jack Ma’s executive vice chairman will be on the management board. Alibaba has other partnerships with Lazada, a Rocket Internet‘s online shopping site with focus in South East Asia.

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Jack Ma, CEO, Alibaba Group Source: stonetreedfw.com

Jack Ma has also taken a USD 3 billion loan early this year to give his company a war chest of cash to continue his ‘binge of Internet takeovers’.

Featured image: technode