August 16, 2019 / 1:11 PM / a month ago

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

FILE PHOTO: A logo of Alibaba Group is seen at an exhibition during the World Intelligence Congress in Tianjin, China May 16, 2019. REUTERS/Jason Lee/Files

(Reuters) - Alibaba Group Holding Ltd has agreed to pay $2 billion in cash to buy Chinese e-commerce firm Kaola, local news outlet Caixin reported on Friday. (bit.ly/2HcCI6C)

Kaola, owned by Nasdaq-listed NetEase Inc, 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 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

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