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Alibaba buys China's version of YouTube for $3.7 billion

Alibaba buys China's version of YouTube for $3.7 billion

On This Friday, Jan. 23, 2015 file picture, Chinese Language e-commerce large Alibaba Staff founder and executive chairman Jack Ma speaks during the panel session “An Insight, an idea” at the World Economic Forum in Davos, Switzerland.

Picture: Michel Euler/Related Press

Think About if Amazon offered YouTube. That successfully just came about, but with their Chinese equivalents.

The Alibaba Staff, the Chinese Language e-commerce large, announced Friday that it has reached a deal to purchase Youku Tudou, certainly one of China’s prime on-line video web sites, which is said to achieve greater than half one thousand million customers.

Alibaba will pay roughly $Three.7 billion for the company. Alibaba first announced plans to purchase Youku Tudou closing month, however there was some back-and-forth over the price.

“We Are assured that we will improve our market place and additional speed up our growth during the integration of our merchandising and consumer businesses with Alibaba‚Äôs platform and Alipay services,” Victor Koo, chairman and CEO of Youku Tudou, said in a remark.

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Alibaba raised $25 billion in its IPO simply greater than a year ago, giving it the distinction of elevating the arena’s greatest public offering. Seeing That then, the company has used that war chest to spread its footing through acquisitions and investments in businesses like Jet (for e-commerce within the U.S.), Lyft and Didi Kuaidi (for trip-hailing world wide) and Peel (for the connected home).

These investments could lend a hand expand Alibaba’s market beyond China, which traders worry is dealing with a slowdown. Alibaba’s stock was hit laborious in up to date months By Means Of These concerns, though it has been on the upswing this week after beating cash.

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